The co-founder of N26, based in Germany, recently revealed that they hastened to go global. As a result of their haste, they ended up missing opportunities related to the boom in cryptocurrency. This information came out as N26 struggles in finding justification when it comes to the fintech’s status as one of the most successful in the world. N26 is also considered most popular when it comes to Europe.
The Berlin Group N26
Based in Berlin, N26 includes names such as Valar Ventures and even Li Ka-shing, among their backers. They are a part of a wave of lenders based online from Europe. They have emerged within the past decade and have shaken up the banking system within the region.
Now, a decade later, N26 has had to halt operations in the US. This comes after they left the UK in 2020. The Berlin Group N26 provides current accounts to nearly seven million customers in as many as twenty-four countries. Despite this, its rapid geographical expansion meant that the company didn’t have time to develop many other services. This includes crypto.
What the N26 Co-founder Said
The co-founder of N26, as well as co-CEO Max Tayenthal, revealed that it might have been a smart idea to develop crypto as well as trading. He acknowledged that the bank, within the past few months, had realized that they had been spreading their company too thin. He also added that there were various things they could work on instead of finding new markets.