German neobank N26 plans to launch cryptocurrencies trading business this year and an equities brokerage after that, the bank's Co-Founder Max Tayenthal told the Financial Times. In an interview, Tayenthal admitted that the Berlin-based fintech company might have missed out on the cryptocurrency boom as the bank initially focused on international expansion.
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"We really want to expand our product universe and we have to," Tayenthal told.
Tayenthal agreed that in recent months the bank was spreading itself "extremely thinly," noting there are "so many things we can work on instead of putting flags in new markets."
"Should we have built trading and crypto instead of launching in the US? In hindsight, it might have been a smart idea," Tayenthal said.
N26 is a German neobank, which provides free basic current account and a debit card, with available overdraft and investment products and premium accounts for a monthly fee. The financial company counts a variety of backers, including Peter Thiel's Valar Ventures and Li Ka-shing. In October 2021, N26 raised a $900 million Series E round at a $9 billion valuation.
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