N26 Introduces New Subscription Money Management Tools

German FinTech N26 is launching a subscription-based digital banking suite to help individuals and businesses better manage their savings and spending.

The premium subscription solutions — N26 Smart and N26 Business Smart — integrate new money management features like Round-Ups and dedicated phone support. The service also offers access to Spaces sub-accounts, Shared Spaces functionality and more, N26 said in a statement on Tuesday (Nov. 24).

“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 chief executive officer of N26.

These latest updates to the N26 platform kick off the start of additional enhancements to be rolled out in the coming months to existing products N26 Standard, N26 You and N26 Metal.

The €4.90 monthly subscription plan adds new functions to N26’s premium tools and includes access to numerous additional features, including Shared Spaces functionality, which enables people to save with up to 10 additional people. Also included are five no-charge ATM withdrawals each month.

“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.

The online-only challenger bank offers self-employed freelancers or subcontractors subscription benefits via N26 Business Smart. Other changes planned for the near future include virtual payments, expanded borderless banking features and zero FX fees for international transactions.

Co-founded in 2013 by Stalf and Maximilian Tayenthal, the Berlin-headquartered neobank has more than five million customers in 25 markets.

In a PYMNTS interview, Lindsey Grossman, director of product for N26, discussed how cloud-based models are the answer when it comes to providing a coherent solution for mobile-minded customers.

Valued at $3.5 billion after its $100 million May funding round, the challenger bank is looking ahead to 2021 for more investment opportunities. It has so far received $800 million in venture capital.