Digital-only bank N26 has launched a new credit product for its customers as digital-only banks struggle for profits due to high operating costs; the new credit product will offer credit lines of up to 25,000 British pounds ($26,810) for 5 years with varying interest rates; the product launch occurs as many digital banks seek expanded offerings to offset some of the high costs associated with deposit accounts. Source
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Business Insider provides data on the number of challenger banks by country; this week Carrefour Banque, a subsidiary of Carrefour, that also operates a multinational retailer, shared that they were launching a new current account under the name C-Zam; the retailer operates in 30 countries and has over 1,000 stores in France which puts them in a unique position to acquire customers; other players prevalent in the French market include BNP Paribas which launched Hello Bank in 2013 and ING Direct which launched in 2010; startups Qonto and N26 also operate in Europe. Source
