Mobile-only bank N26 launches N26 Smart, a new premium digital bank account for just €4.90 a month

We covered N26 back in May when the Peter Thiel-backed digital bank startup raised $100 million funding to prepare for the economic uncertainty from the coronavirus pandemic. N26 currently offers its services in 22 European countries and the United States. N26 has grown exponentially since we last wrote about the fintech startup. N26 has more than 5 million customers worldwide, including over 250,000 in the United States.

Today, N26 today announced the launch of its newest premium subscription, N26 Smart. N26 Smart joins N26 You and N26 Metal as The Mobile Bank’s third premium subscription, giving customers access to its most popular money management features for the cost of just €4.90 a month.

The new monthly subscription will bring together a host of N26’s premium features and benefits with fresh, new functionalities to help customers organize their finances with confidence and ease, bundled on top of N26’s 100% digital current account. The new N26 Smart comes with many features including access to up to ten ‘Spaces’ – N26’s iconic sub-accounts, with Shared Spaces functionality – making it possible to save, spend and manage money with up to 10 other people. It also comes with up to 5 free ATM withdrawals a month, fee-free payments worldwide in any currency, and curated partner offers and benefits, among others.

N26 Smart subscribers will have access to all the intuitive features of N26’s paperless and branchless banking experience – from 100% digital account opening to instant notifications and automatic categorization of spending through the Statistics feature, free payments worldwide, and mobile payments with Apple Pay and Google Pay, in-app access to a digital version of their N26 Mastercard, and fund protection up to 100,000€ under the German Deposit Protection Scheme.

The launch of N26 Smart is the first of a series of planned updates to N26’s product portfolio, set to roll out over the coming months across all the digital bank’s free and premium products. The changes will see adjustments to N26 Standard, taking N26’s digital cards towards a 100% virtual payment experience. N26 You will evolve into N26 International, with even more features for borderless banking and zero FX fees when traveling, shopping, and sending money internationally.

Finally, N26 Metal will become N26 Unlimited, offering the best digital banking experience with world-class premium banking features, an iconic stainless steel card, comprehensive travel, and lifestyle insurance, and even more exclusive experiences and offers than before.

“Everybody should be empowered to manage their money in a way that makes sense for their priorities and way of life. With more and more customers turning to digital banking in these uncertain times, N26 Smart will put our most popular tools at our customers’ fingertips at a budget-conscious price point, helping anyone effortlessly manage their money digitally with confidence and ease,” said Valentin Stalf, co-founder and CEO of N26.

The new N26 Smart subscription and planned changes to N26’s existing products build on five years of customer insights, at a time where people are continuing to look for ways to bank flexibly and digitally without ever having to visit a branch.

“N26 is the pioneer of a freemium subscription model in banking. On top of offering our digital bank accounts for free, we continue to expand our value-added premium subscriptions to offer world-class banking features, added discounts, perks, and benefits at an affordable price as we take confident steps in a time where all banking is going digital,” added Alex Weber, Chief Growth Officer of N26.

N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal to offer mobile banking solutions to customers in the European Union through its subsidiary. Today N26 has more than 5 million customers in 25 markets. To date, N26 has raised more than $800 million from the world’s most established investors, including Insight Venture Partners, GIC, Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Greyhound Capital, Battery Ventures, and others.