N26 moves into savings market with Raisin API

Mobile-only banking platform N26 has partnered with Raisin to open access to savings accounts from banks across Europe.

Launched in Germany and Austria in January 2015, N26 began as a current account with a Mastercard. It now operates as a fully-featured bank with instant overdraft, international transfers into 19 currencies through a tie-up with TransferWise, investment options via Vaamo and real-time consumer credits up to EUR25,000.

N26 has laid claim to becoming Europe’s leading mobile-only bank, growing its user base to 300,000 and recording a seven-fold growth in transaction volumes over the past year. The startup says it is currently racking up 1000 new users every day.

The tie-up with Raisin now pushes the bank into the market for savings, offering customers a fixed-term account from one of 27 partner banks across the Eurozone accessible through a paperless sign-up process. Consumers can invest between EUR2000-EUR100,000 for a minimum 12-month fixed term, and set an alert to remind themselves to review the rates available when the term ends.