Is there a relationship between Axos bank and N26? Let’s into detail about the two banks.
Axos Bank & N26
N26 Inc. is not a bank that accepts deposits or offers banking services. N26 Inc. serves as a service provider for Axos Bank®, and Axos Bank provides the deposit and banking products received through the N26 platform.
N26 soft launched in the United States on July 11, 2019, with users first being able to sign up for a waiting list. N26 collaborated with Axos Bank to supply its services, which are FDIC-insured, due to disparities in the US market (especially in terms of regulatory regimes for financial providers).
Unlike in Europe, where MasterCard is used, N26 accepts Visa cards from its consumers in the United States.
The business’s series D round was extended the next week with a $170 million investment, valuing the company at $3.5 billion. The firm announced in May 2020 that it will extend its current Series D round with an additional $100 million raised at the same value.
However, Axos Bank was formerly known as BofI Federal Bank until October 2018, when it changed.
Jerry Englert, the founder of Bank of Del Mar, and Gary Lewis Evans, the president of La Jolla Bank at the time, formed Axos Bank, previously Bank of Internet USA, in 1999.
The bank was one of the world’s first digital banks. BofI Holding, Inc., the bank’s holding company, was founded in Delaware in July 1999 with the declared goal of organizing and launching an Internet-based bank.