Berlin neobank N26 takes a big step into the financial sector with the launch of its new stock and ETF trading product. In partnership with fintech Upvest, this initiative allows users to buy and sell stocks and ETFs for only €0.90 per transaction via the N26 application. “N26 Stocks and ETFs will give our customers the ability to manage all their finances within the N26” se app congratulates Valentin Stalf, CEO of N26.
The introduction of this service begins in Austria, with expansion planned to other countries during the year. N26 offers fractional investments in more than 100 ETFs from just €1, making stock market investing accessible to everyone. Users can also explore options like how to short on trading 212 for diversified investment strategies.“Our customers can spend, save and invest within a single app at extremely competitive rates, with no hidden fees and a great user experience” adds Valentin Stalf.
N26 on the road to profitability
This initiative is part of the strategy N26’s global strategy to offer a wide range of banking products to key markets. After withdrawing from Brazil in November, as well as the UK and US in 2020 and 2021, N26 is now refocusing on its core European markets, including Austria, 8217;Germany, France, Spain and Italy. This refocusing marks the transformation of N26 into a bank offering a complete range of products, moving a little further away from its neobank image.
Although it has faced increased regulatory scrutiny in recent years and still has a limit on customer registrations imposed by German regulator BaFin, N26 remains optimistic about its profitability. Its CEO told Tech Crunch that the company should be profitable on a monthly basis in the second half of the year. ;#8217;year, based on the almost break-even results achieved at the end of 2023.
At the same time, N26 strengthens its anti-money laundering controls to better comply with regulators. Efforts aimed at lifting current restrictions over the coming quarters. And to better fight against its competitors, in particular Revolut whose insolent growth remains unique in the neobank sector.
- N26 launches a stock and ETF trading service with Upvest, offering transactions at €0.90.
- The service will be available ;#8217;first launched in Austria with expansion planned in other European countries, allowing fractional investments from 1€.
- After s’ ;being withdrawn from certain international markets, N26 focuses on Europe and aims for profitability in 2024.
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