Breaking News
N26 is likely set to launch in Turkey
According to the Turkish-language service of “Bloomberg”, N26 is considering a launch in the Turkish market.
Bloomberg HT has obtained information from senior sector officials, that Germany-based N26, one of the largest digital banks in Europe, knocked on the door of the BRSA to enter the Turkish market.
Read also: Starling Bank will offer 6-month paid returnships
While it was learned that the German bank was very eager to enter the Turkish market, it was stated that it had met with the BRSA several times.
It remains unclear, however, whether N26 wants to be active on-site alone or with a Turkish partner.
When asked, N26 did not confirm the plans: “N26 is currently not planning to enter the Turkish market.”
“We will continue to focus on growing within the European Union, strengthening our presence in the US and preparing for expansion into the Brazilian market.”
The Turkish market is likely to be particularly interesting for neobanks such as N26 because there is a significantly larger number of young people there than in other EU countries.
[mc4wp_form id=”2736″]
In the age group from 18 to 35 years, the average is more than 15 percent higher than the EU average. With a total of 83 million inhabitants, there is, therefore, a clear potential to attract new, digital fluent customers.
On the other hand, however, Turkey is known for being regulatory complex. Just a reminder: Paypal even withdrew from Turkey a few years ago, exasperated.
- Cavendish Appoints New Head of Equity Strategy Read more
- Broadridge Appoints David Fellah as Vice President of AI Trading Solutions Read more
- New Fintech Attara Seeks to Bring Financial Certainty to UK SMEs Read more
- FinMont Announces Strategic Partnership with Leading African Payment Processing Provider, iPay Read more
- Intesa Sanpaolo and Visa Renew Strategic Partnership Read more