N26 appoints Francisco Sierra as General Manager for Spain
N26, a fully licensed bank, headquartered in Berlin, has appointed Francisco Sierra as the General Manager for Spain. Sierra will be responsible for strengthening N26's position in the Spanish market. In developing a dedicated team, N26 is responding to the increasing demand it has seen from Spanish customers. N26 is Europe's leading mobile bank and plans to position itself as the fastest growing bank in Spain.
N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal, and is a fully licensed German bank, regulated by BaFin and the ECB. In less than three years after its launch, N26 acquired over 500.000 customers across the 17 Eurozone markets in which it currently operates, growing at a rate of 1500-2000 customers per day.
"As the millennial index shows, 7 out of 10 millennials would rather go to the dentist than to their bank branch, at N26 we're changing this and building a bank the world loves to use" explains Valentin Stalf, founder and CEO of N26.
N26 has redesigned banking for the smartphone, making it fast, simple and contemporary. Opening a bank account with N26 takes less than 8 minutes and is a completely paperless process. Customers receive real-time push notifications for every transaction made on their account and can maintain complete control over their finances through the N26 app. For example, customers can set withdrawal limits, lock or unlock their card with one tap directly within the N26 app and track how they're spending their money.
N26 will be building a team dedicated to catering to the needs of the Spanish market and customers, headed by Sierra. N26's objective is to become the fastest growing bank in Spain in the coming years, by capitalising on the holes in the market N26 can fill. Only 15% of the Spanish population trust their bank, according to Metroscopia. As transparency is one of the core ideals of N26, the mobile bank is providing an alternative for the other 85% who want a bank with no small print, no hidden fees and no nasty surprises.
“Now more than ever, customers are looking for alternatives to traditional banking products; a banking solution that works for them. N26 is mobile, simple, transparent and matches the lifestyle of today’s digital customer”, asserts Sierra.
Sierra has more than ten years experience in finance. He is an Industrial Engineer with a degree from the ICAI School of Engineering and an MBA from IESE Business School. He started his career in investment banking at JP Morgan, before moving on to venture capital at Active Venture Partners. More recently Sierra held two senior positions at Funding Circle as Managing Director for Spain and Head of Strategy and Business Operations for the US. He will leverage his experience and diverse knowledge in his new role, to entrench N26 as the new banking solution in Spain.
About N26
N26 AG is Europe’s leading digital bank with a full German banking licence. Built on the latest technology, N26’s mobile banking experience makes managing money easier, more secure and customer friendly. To date, it has welcomed more than 8 million customers in 24 markets, and processes over 100bn EUR in transactions a year. N26 is headquartered in Berlin with offices in multiple cities across Europe, including Vienna and Barcelona, and a 1,500-strong team of more than 80 nationalities. Founded by Valentin Stalf and Maximilian Tayenthal in 2013, N26 has raised close to US$ 1.8 billion from some of the world’s most renowned investors.
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