N26 launches shared spaces: a new way to share money

23 august 2019

Mobile bank N26 announced the launch of Shared Spaces, a new feature that will empower users to share money easily and safely with friends, family and loved ones, with just a few taps. The new feature is currently being tested with select customers, and is expected to be made available to N26 You and N26 Metal customers across Europe in the coming months.

„In a world where people are sharing more and more, Shared Spaces will allow customers to save, spend and track money together without the hassle of a joint account. Whether it’s splitting bills for a flatshare, planning for the next group holiday, or sharing the cost of a birthday present, Shared Spaces will be a new way and easy way to share money with up to 10 people at once. „, according to the press release.

“When we launched Spaces in 2018, this pioneering feature was one of the first in the market to introduce personalized sub-accounts, so users could set aside money based on their personal preferences and needs. Shared Spaces is a natural extension of this, and builds further on our efforts to deliver the most flexible banking experience in the world,” said Valentin Stalf, founder and CEO of N26.

N26 You and N26 Metal customers will be able to be part of up to 10 different Shared Spaces, and will also have the ability to create, own and invite others to join their Space. Users with free accounts will also be able to use the feature, and can be invited to join up to two Shared Spaces by friends, family or loved ones.

The launch of Shared Spaces is planned to be the first in a series of new features developed specially to create a more flexible, seamless and connected mobile experience that gives people the power to live and bank their way.

„Shared Spaces will roll out progressively to our 23 active European markets and will be available on the N26 app on IOS, Android and Web. „, the company said.

Today N26 has more than 3.5 million customers in 24 markets across Europe who generate over €2 billion in monthly transaction volume. The Mobile Bank N26 entered the US market in July 2019.

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Jan Schildbach – Analyst Deutsche Bank

„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?