The Berlin-based firm, which is backed by Chinese tech giant Tencent, German insurer Allianz and PayPal co-founder Peter Thiel, said on Thursday that its services are now available in Britain, on a limited basis.
Initially, a select number of "early adopters" will be given access to the app in the U.K. More than 50,000 people who have signed up to a waiting list for the U.K. launch will be on-boarded on a phased basis, and a broader launch is planned for next month.
N26 offers a mobile banking app and a Mastercard debit card, operates without a single physical branch and doesn't charge fees on transactions. However, it said a fee of 1.7 percent will be charged on cash machine withdrawals for U.K. users when traveling abroad with its standard account.
It has a number of products on its platform, including a basic current account, a premium account called N26 Black, overdrafts, savings and loans. But features beyond the basic account won't be offered to U.K. users until after the launch, N26 said.
The company has been around since 2013, making it one of the oldest so-called digital "challenger banks" trying to compete with bigger lenders.