German digital challenger bank N26 has launched to British customers after its banking services were opened up to 70,000 people on an early access waiting list.

The UK-wide roll-out of the mobile bank follows launches in Denmark, Norway, Poland and Sweden earlier this month, taking its number of operating markets to 22 since the company started in 2015.

N26 launched in beta phase in the UK in October. The bank currently handles €1 billion in monthly transactions for 1.5 million European customers and has plans to enter the US market in early 2019.

The digital-only bank is offering paperless sign-up, which it claims takes a few minutes, along with familiar digital banking features including instant spending notifications and in-app feature Spaces, which allows users to set aside money and keep track of financial goals.

The Berlin-based bank is backed by Tencent, the Chinese internet giant, Paypal co-founder Peter Thiel, and Hong Kong business magnate Li Ka-shing. It has raised £165 million in funding so far.

It will go up against challenger banks including Monzo, Starling and Revolut, which are leading the field as incumbent banks rush to develop their own standalone digital banking operations.

Valentin Stalf, chief executive and co-founder of N26, said: “We have built a bank designed to meet the needs of a mobile generation.

“With N26 now fully live in the UK, we can empower customers to take control of their finances without the limitations of traditional banking.”

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