As banks close their branches to help stop the spread of the novel coronavirus,
In its home market, Germany’s largest lender
“We assume that many people will open an online account because more and more bank branches are closing due to the corona crisis. Online banking will become much more important,” Chief Financial Officer
So far, though, the virus has hurt growth at the Berlin-based startup as customers shop less, he said. Customer card sales declined slightly in March compared to February, Tayenthal said, declining to give specifics. People are spending less on travel, but more on digital products like streaming services, he said.
Backed by billionaires
“In the current situation, many fintech investors advise restraint,” said Tayenthal, who co-founded the bank with
The company now has more than 5 million customers in 25 countries and offices in Berlin, Barcelona, Vienna, New York and Sao Paulo. Tayenthal said the company is well funded for now and plans to focus on building out its existing markets.
The company doesn’t plan to exit any more markets after it leaves the U.K. next month, he said. N26 had
“The withdrawal from further countries is not planned,” said Tayenthal. “And while the company still plans to open in Brazil, it’s primary goal is to gain even more customers in existing markets and to improve our products.”
To contact the editors responsible for this story:
© 2020 Bloomberg L.P. All rights reserved. Used with permission.