For those who love fintech and hate bureaucracy, I already leave the spoiler alert: both Nubank and N26 are excellent bank options and are “N” times better (at least for me) than most options on the market.
As a subject enthusiast and client of both, I compared the services of the two fintechs.
What is equal?
Both offer a cheap digital account (always remember that there is nothing “for free” in the world), without monthly fees and with a very stylish card. The two also work with the Mastercard banner and can be used in face-to-face and online purchases.
The two companies have a well-built, super-intuitive application that works for both iOS and Android. They are “unicorns”, that is, there are a lot of good and serious people in both companies to build what reaches your pocket. The N26 raised another $ 100 million round; with a valuation of US $ 10 billion, Nubank launched its credit card in Mexico.
But let’s get down to business? Which one is better?
N26 is a German bank, based in Berlin, founded in 2013 and which, in May 2020, was valued at more than R $ 18 billion reais. It follows the German model of building startups: they develop business models with enormous efficiency that are being tested and validated around the world (“nothing is created, everything is copied”). It has more than 5 million customers and is one of the most important fintechs in Europe.
In turn, Nubank was founded in 2013 by a team of foreigners, being born and raised here in Brazil. It has investments from several international funds and, in 2020, it was valued at more than R $ 50 billion reais and serves more than 30 million customers in Brazil and other countries in Latin America.
Security is the most important theme of any company operating in the financial market
For me, security is the most important theme of any company that operates in the financial market and, until the N26 announces who its partners in Brazil will be and how it will operate, the positive point here certainly goes to Nubank.
For those following the international media, the N26 had a serious history of “abandoning its customers” when it had a recent problem in the UK. Because of Brexit, it ended its operations there and left its customers very upset.
Because of this and as Brazil is a “very specific” country, Nubank takes advantage here, as it already knows how to operate and has done an excellent job of security, with the approval of the Central Bank.
Important: the N26 application has some interesting layers of security, such as the double factor of authentication, confirmation via fingerprint and the impossibility of capturing screen prints. Both must encrypt the database and use sophisticated security technologies against intrusion.
The account opening process is incredible at both companies, but sometimes Nubank has the famous long lines. So, I prefer the N26 process.
As the N26 is more automated and efficient, the entire process of opening an account, from the arrival of the card to the contracting of services, is faster. But again it is important to highlight: both applications are sensational, the account opening process for both is very simple, fast, efficient and everything works very well.
I love Nubank, but the queues make the point of going to the N26.
Another point that Nubank is champion is the service. Always excellent and grade 10.
As the N26 is a German bank, an efficient service is expected, without bureaucracy, but not as relaxed as Nubank.