Tencent-backed mobile bank N26 launches in the UK and plans US expansion by early 2019

German app-only bank N26 has launched in the U.K. and is eyeing another expansion to the U.S. in the first quarter of 2019. Although it has a banking license recognized in Europe, N26 isn’t authorized in the same way by regulators in the States. So it is partnering with an American lender — which hasn’t yet been disclosed — in order to enter the country. The Berlin-based firm is backed by Chinese tech giant Tencent, German insurer Allianz and PayPal co-founder Peter Thiel. The firm’s services are now available in Britain, on a limited basis. N26 offers a mobile banking app and a Mastercard debit card, operates without a single physical branch and doesn’t charge fees on transactions.

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