Thursday 14 March 2019 4:37 pm

Mobile bank N26 targets UK expansion with general manager appointment

European mobile bank N26 has appointed a new general manager to drive forward UK expansion as it steps up competition against rivals such as Monzo and Revolut.

Former Morgan Stanley investment banker Will Sorby has joined the Berlin-based digital bank, which operates in 24 markets across Europe, following its UK launch in October last year.

Read more: N26 digital bank backed by Tencent and Peter Thiel launches in the UK

“The element of competitiveness drew us to the UK, it is the most advanced market for banking products in the world and our mission is to be the first totally global mobile bank,” Sorby told City A.M.

The bank has plans to launch an overdraft service in the pipeline, and offers “spaces” which allow customers to sort their money into pots for different uses. N26 is also preparing to launch a joint account feature in the UK in the next few months, Sorby said.

“This is something you can set up in one click…it’s for friends going on holiday or with your partner for everyday expenses,” he said.

The bank said it has attracted 1000 UK customers a day since its launch, and closed a $300m series D funding round led by Insight Venture Partners in January.

Read more: Digital challenger bank N26 has pulled back from its UK launch plans

Chief executive Valentin Stalf said: “Since launching in the UK, we have been overwhelmed by the demand we’ve seen for our fresh approach to banking, with over 1000 new customers joining us daily since launch.

“Will’s appointment is a clear demonstration of our commitment to the UK market and the key role it will play towards our goal of building a bank the world loves to use.”