German mobile bank N26 has launched its flagship Black premium account, which provides free unlimited foreign currency purchases and withdrawals worldwide, in five new markets.
The service has been launched in Denmark, Iceland, Liechtenstein, Norway and Sweden.
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The move follows the launch of the N26 Black in the UK late last month. Also, N26 already has a premium account, N26 Metal, which is £14.90 a month. However it includes other benefits such as exclusive partner offerings and a comprehensive insurance package.
N26 Black: Services
Designed for frequent travellers, Black account allows free ATM withdrawals at the respective countries and outside the Eurozone. The customers receive five free withdrawals at ATMs within the Eurozone per month.
Additionally, N26 Black provides an insurance package in collaboration with Allianz Global Assistance Europe. It covers foreign medical expenses, luggage and mobile phone theft protection and flight delays among others.
The service is available for a monthly subscription of €9.90 ($11.28).
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By GlobalDataN26 head of European markets Francisco Sierra said: “With N26 Black we offer a banking experience that is flexible and tailored to our customers lifestyle: they can organise, withdraw and spend money, as well as control finances entirely from their smartphone, with unlimited free withdrawals at ATMs outside the Eurozone.”
The Black premium customers can open up to ten Spaces, personalised sub-accounts where the customers can set aside funds according to preferences and requirements.
The service allows instant fund transfers between Space and the main account.
In January this year, N26 raised $300m in a Series D funding round to take its valuation to $2.7bn.
New York-based Insight Venture Partners led the latest N26 funding round. Singapore’s sovereign wealth fund GIC also participated in the round.
N26 in a blog post said: “This figure represents the largest private equity financing round for a fintech business in Europe in recent years.
“With a valuation of $2.7bn, it also makes N26 one of the most valuable technology startups around the world.”
