N26 is one of several European startups seeking to challenge established banks with app-based checking accounts and little to no fees. Some of its biggest competitors include mobile banks such as Monzo, Starling and Revolut.

In a bid to distance itself from rivals, N26 has launched insurance products accessible from the company’s mobile app and website. The first insurance product is a smartphone insurance plan for German customers. It is also working on private liability insurance, home insurance, life insurance, pet insurance and coverage for bikes, electronics and large purchases.