Fintech N26 obtained a license from BC and plans to operate in Brazil in 2022

August 25, 2021
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Internal difficulties and the pandemic delayed the project. Now, increasing its capital to $ 1.5 million, the creation of the unit is back on track and the start of operation is scheduled for 2022.

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In Brazil, the N26 is led by Eduardo Del Guerra Prota, who has worked in Cielo and Santander. At the end of last year, the institution received a license from the Central Bank to create a direct credit society (SCD), which will allow it to grant loans, and last month its capital was increased from R$ 2 million to R$ 9.2

“We were on hold for a while, but we resumed the launch effort in Brazil at full speed. Now, we have more structure and we are going to be able to deliver customized products for the Brazilian market”, he says.

According to Prota, despite being a wholly owned subsidiary of the German N26, the Brazilian unit will have a 100% local operation, with IT, marketing and compliance teams in the country. “We realized that it's not just about bringing in technology from outside. There are things in Brazil that don't exist in other countries, such as credit card installments, payment slips and Pix itself.

Prota does not reveal details of the launch strategy, which has not yet been finalized. Globally, the N26 has around 7 million customers and the goal is to reach 100 million - there is no set deadline for this. The executive says that Brazil should become one of the main markets, perhaps the biggest.

According to Prota, the fintech market is at the beginning of a second moment in the country. The first was marked by the comprehensive offer of services via applications, speed of transactions, lower costs and transparency in collections. “This has all been resolved. Now, we can move into a market for fintechs 2.0, where they help customers make better decisions in their daily lives. This movement has not yet arrived in Brazil with force”, he says.

Local operation should start with the basics of a digital bank, such as account, credit card and Pix. Also present will be the usability features that helped the N26 to become popular in Europe, such as the “timeline” structure and the so-called “spaces”, a kind of independent sub-accounts within the main account.

“We will have a more focused offer. I really believe in the MVP [minimum viable product] model, in learning from customers and adding features over time.”

Founded in 2013 by the Austrians Maximilian Tayenthal and Valentin Stalf, the N26 is present in 25 countries. In March, it announced that it had filed a lawsuit in Germany to obtain a financial holding license while preparing for a possible IPO.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

In Brazil, the N26 is led by Eduardo Del Guerra Prota, who has worked in Cielo and Santander. At the end of last year, the institution received a license from the Central Bank to create a direct credit society (SCD), which will allow it to grant loans, and last month its capital was increased from R$ 2 million to R$ 9.2

“We were on hold for a while, but we resumed the launch effort in Brazil at full speed. Now, we have more structure and we are going to be able to deliver customized products for the Brazilian market”, he says.

According to Prota, despite being a wholly owned subsidiary of the German N26, the Brazilian unit will have a 100% local operation, with IT, marketing and compliance teams in the country. “We realized that it's not just about bringing in technology from outside. There are things in Brazil that don't exist in other countries, such as credit card installments, payment slips and Pix itself.

Prota does not reveal details of the launch strategy, which has not yet been finalized. Globally, the N26 has around 7 million customers and the goal is to reach 100 million - there is no set deadline for this. The executive says that Brazil should become one of the main markets, perhaps the biggest.

According to Prota, the fintech market is at the beginning of a second moment in the country. The first was marked by the comprehensive offer of services via applications, speed of transactions, lower costs and transparency in collections. “This has all been resolved. Now, we can move into a market for fintechs 2.0, where they help customers make better decisions in their daily lives. This movement has not yet arrived in Brazil with force”, he says.

Local operation should start with the basics of a digital bank, such as account, credit card and Pix. Also present will be the usability features that helped the N26 to become popular in Europe, such as the “timeline” structure and the so-called “spaces”, a kind of independent sub-accounts within the main account.

“We will have a more focused offer. I really believe in the MVP [minimum viable product] model, in learning from customers and adding features over time.”

Founded in 2013 by the Austrians Maximilian Tayenthal and Valentin Stalf, the N26 is present in 25 countries. In March, it announced that it had filed a lawsuit in Germany to obtain a financial holding license while preparing for a possible IPO.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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