N26 enables payments to Spanish Tax Agency
- The mobile bank becomes the first neobank that allows its clients to pay the vast majority of taxes and other tributes to AEAT
Madrid - Clients of online bank N26 can now close their pending obligations with the Spanish Tax Agency (AEAT) through their app. The bank has announced this Thursday that it has become the first neobank in Spain to offer all its clients, both individuals and freelancers with Spanish or German IBANs, the option of paying the vast majority of taxes and other tributes to the AEAT. With this new addition, N26, which already allows clients to receive refunds from the Tax Agency, takes another step on its way to becoming the main bank account for its clients.
From now on, the N26 app already incorporates a direct access to pay taxes such as VAT or the amount resulting from the income statement. To make the payment, the client, once inside the main page of the app, must click on the 'Send money' tab, select the option 'Other payments' and, finally, click on the direct access 'Payments to AEAT' . The link will redirect clients to the Tax Agency page where they can pay taxes, debts and fees using their N26 account.
Marta Echarri, General Manager of N26 for Spain and Portugal, pointed out that “N26 is a disruptive bank, but a safe one at the same time, that already competes, side by side, with traditional banks. With the addition of a direct access in our app to make payments to the Tax Agency, we seek to simplify this important part of the financial life of our clients in a simple way, providing them with security and confidence”.
N26 clients can pay taxes and debts through the AEAT by transfer, although N26 is not yet a collaborating entity with the Tax Agency itself. In accordance with the Resolution of January 18, 2021 of the AEAT, through this procedure the customers of the mobile bank will be able to pay the vast majority of the AEAT taxes using their N26 accounts, provided that the accrual date corresponds to the financial year 2019 or later.
This new addition represents a great step forward for N26, which in the meantime continues working to become a collaborating entity of the Social Security or to find an alternative way that allows its clients to collect vital economic benefits such as unemployment or retirement. N26 has been collaborating with the relevant authorities and entities for a long time and hopes to reach a solution as soon as possible.
Spain, a core market for N26
Spain is one of the four core markets for N26, along with Germany, France and Italy. In three years, the bank has positioned itself as the leading mobile bank in Spain, with 770,000 clients at the end of September 2021.
Last October, N26 announced a record-breaking Series E funding round of more than $900 million, the largest funding round to date for a digital bank in Europe. As a result, N26 is now valued at more than $9 billion, becoming the second highest valued bank in Germany and one of the top 20 fintechs in the world.
Echarri added that “after the success of our last funding round, N26's roadmap includes continuing to bet on key markets such as Spain. We want to become an even better bank in the years to come and increase the number of customers who use us as their main account. To do this, it is essential to focus on improving other aspects of our banking experience, such as allowing our clients to pay taxes directly through the app”.
N26 is building the first mobile bank the world loves to use. Valentin Stalf and Maximilian Tayenthal founded N26 in 2013 and launched the initial product in early 2015. Today N26 has welcomed more than 7 million customers in 25 markets. N26 has a 1,500-strong team of 80 nationalities based across the globe. It has 10 office locations: Amsterdam, Berlin, Barcelona, Belgrade, Madrid, Milan, Paris, Vienna, New York and São Paulo. With a full European banking license, state-of-the-art technology and no branch network, N26 has redesigned banking for the 21st century and is available on Android, iOS, and desktop. Valued at more than US$9 billion, N26 has raised close to US$ 1.8 billion from the world’s most established investors, including Third Point Ventures, Coatue Management LLC, Dragoneer Investment Group, Insight Venture Partners, GIC, Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Greyhound Capital, Battery Ventures, in addition to members of the Zalando management board, and Redalpine Ventures. N26 currently operates in: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and the US, where it operates via its wholly-owned subsidiary, N26 Inc., based in New York. Banking services in the US are offered by N26 Inc. in partnership with Axos Bank®, Member FDIC.
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