• Challenger bank N26 is launching N26 Crypto, an in-app cryptocurrency trading tool.
• The company is partnering with Bitpanda for trading and custody of the 194 cryptocurrencies that will be available on its platform by the end of the year.
• N26 Crypto is launching today in Austria and will be available in more countries in the next six months.

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In what N26 is calling the company’s “next step beyond banking,” the Germany-based digital bank is unveiling N26 Crypto, an in-app cryptocurrency trading tool. Launching today in Austria, eligible clients can buy and sell 100 cryptocurrencies using the N26 app.

“The N26 banking experience has always been built around the customers’ needs, with features that make money management easy,” said N26 Chief Product Officer Gilles BianRosa. “With N26 Crypto we have created a simple, intuitive product that integrates seamlessly into N26’s fully-regulated banking experience where one’s bank balance, savings, and investment portfolio sit side by side – with cryptocurrencies being the first asset class we intend to offer.”

Customers can access the new capability from the “Trading” section within the N26 app’s new “Finances” tab. N26 created a drag-and-drop interface that makes it easy for users to instantly buy and sell crypto. After selecting the coin and the amount they would like to trade, N26 deducts the cash equivalent of the trade from their bank balance and the crypto shows up in their N26 Crypto portfolio instantly. Funds from crypto sales also show up in real time.

N26 Crypto is launching with 100 currencies, and plans to scale up to offer 194 by the end of this year. If you’re not impressed with N26 offering 100 cryptocurrencies at launch, you should be. Most fintechs launch with just two or three cryptocurrencies and add more slowly over time. The large number of cryptocurrencies is thanks in large part to N26’s partnership with Bitpanda, which will manage the execution of trades and custody of coins.

The Bitpanda partnership isn’t only helping N26 scale in terms of cryptocurrencies. The investment platform is also helping N26 offer clients competitive rates. N26 Metal customers face a 1% transaction fee when trading Bitcoin and 2% for all other cryptocurrencies. Other N26 customers will see a 1.5% transaction fee for Bitcoin, and a 2.5% fee for other cryptocurrencies.

N26 Crypto is launching in Austria today, and will be made available to eligible customers in more geographical regions over the next six months.

Founded in 2013 and launched in 2015, N26 now counts more than eight million customers in 24 countries. Well-known in the European market, N26 ranks among the top five highest-valued challenger banks wth a valuation of more than $9 billion. In 2019, the digital bank launched in the U.S., but decided to exit the region in order to focus on its European market operations.

• Amazon is launching an online insurance marketplace in the U.K.
• The company is partnering with Ageas UK, Co-op, and LV= General Insurance to offer the Amazon Insurance Store, a new tool to help U.K. customers shop for home insurance.
• The Amazon Insurance Store is now available to “select customers” and will be available to all U.K. customers by the end of the year.

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The fintech industry loves to talk about Amazon’s weight as a competitor in the financial world. This week, the online retail giant is offering more points to that discussion with the launch of an online insurance comparison website for the U.K. market.

The Amazon Insurance Store serves as a way for U.K. customers to shop for home insurance by helping consumers compare quotes, select a plan, and pay for it using a checkout experience integrated with Amazon.co.uk. The element Amazon is seeking to differentiate its service with is the questionnaire experience. The company has simplified the process by only asking essential questions insurers require to issue a quote.

After the Amazon Insurance Store gains some traction, the company will integrate elements consumers expect from Amazon, such as customer reviews, star ratings, and even claims acceptance rates. The company expects the user-submitted data will help customers make more informed selections surrounding insurance companies and policies.

After finalizing their purchase, customers can use the Amazon website or mobile app to view their policies, change their payment method, and view renewal information.

“Finding the right home insurance policy can be a time-consuming and confusing task, with quotes that often leave out essential coverage in order to lead with the lowest price,” said Amazon European Payment Products General Manager Jonathan Feifs. “When we set out to create the Amazon Insurance Store, we wanted to improve the experience for customers shopping for home insurance so they could easily compare options and make an informed, objective decision—just like shopping on Amazon.”

At launch, Amazon is partnering with Ageas UK, Co-op, and LV= General Insurance. The company plans to add more insurers early next year. Amazon’s comparison website competes directly with Moneysupermarket, Uswitch, Compare the Market and GoCompare.

This isn’t Amazon’s first foray into the insurance market. Last year, the company partnered with Superscript to offer members of its Business Prime program contents insurance, cyber insurance, and professional indemnity insurance.

“Shopping online for home insurance is a well-established experience, and our goal is to exceed customers’ expectations when it comes to the Amazon Insurance Store,” said Amazon European Payment Products General Manager Jonathan Feifs. “This initial launch is just the beginning—we’ll continue to innovate and make refinements, all with the aim of delighting customers and providing the most convenient shopping experience possible.”

Amazon said that its Amazon Insurance Store is now available to “select customers,” and that it will be available to all U.K. customers by the end of the year.

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Photo by Christian Wiediger on Unsplash

• Merrill Wealth Management launched Merrill Advisor Match, a tool to connect people with the right advisor.
• Using Merrill Advisor Match, customers answer a set of questions that helps match them with a list of financial advisors.
• The launch comes at a time when one third of affluent Americans are not currently working with an advisor.

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Bank of America’s Merrill Wealth Management unveiled a new offering this week that offers a technological approach to matching consumers with financial advisors.

The tool, Merrill Advisor Match, connects people seeking financial advice with a Merrill financial advisor that suits their preferences and needs. After answering a set of questions, consumers looking to be matched with an advisor receive a personalized list of potential candidates who they can review. Once they’ve finalized their decision, they can use the tool to schedule a meeting with the advisor of their choice.

The questionnaire asks customers where they are on their financial journey, which areas of their finances they would like help with, how they prefer to spend time during their meeting, if they are a planner or are spontaneous, and more.

“We’ve combined a century of bringing Wall Street to Main Street with a personalized digital experience that takes the guesswork out of finding the right advisor,” said Merrill Wealth Management President Andy Sieg. “Merrill Advisor Match is an industry-changing innovation that reflects our modern Merrill strategy, helping to connect more investors to advice from the best advisors in the industry.”

Merrill Advisor Match partners advisors with consumers based on a number of factors, including the customer’s engagement preferences, guidance style, and personality traits. These elements are assessed in the questionnaire and are based on a Merrill study that indicated that 90% of affluent Americans prefer to work with an advisor who matches their communication style, 83% select an advisor based on their personality, and 93% choose their advisor based on whether they deliver financial results.

This digital-first approach to selecting an advisor will resonate with affluent Americans, one-third of whom are not currently working with an advisor. By leveraging matchmaking technology, Merrill Advisor Match creates a user experience similar to those used with dating and social sites that customers are accustomed to. This familiarity ultimately makes the process more approachable.

“For those who don’t have a connection in their personal network,” explained Merrill Chief Operating Officer Kirstin Hill, “Merrill Advisor Match uses research and qualitative analysis to break down barriers to professional financial advice.”

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Photo by Kindel Media

• Lemonade is expanding into the U.K. today.
• Today’s global expansion marks Lemonade’s fourth European country. In addition to the U.S. and U.K., Lemonade is also available in France, Germany, and the Netherlands.
• Lemonade entered the insurance sector with its flagship renters insurance offering in 2015 and now has a market capitalization of $1.54 billion.

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U.S. insurtech Lemonade already has notoriety among mainstream consumers in the U.S., and today, the New York-based company is once again expanding its geographic reach by launching in the U.K.

“Insurance as we know it hails from the U.K., as do I. So both professionally and personally bringing Lemonade to the U.K. is a homecoming of sorts,” said Lemonade Co-CEO and Co-founder Daniel Schreiber. “We believe the millions of local renters will appreciate what Lemonade has to offer. After all, who doesn’t want instant, transparent, personalized, and mission-driven insurance?”

Starting today, U.K. residents can sign up for Lemonade’s personal property coverage, Lemonade Contents insurance. Coverage plans start at $4.52 (£4) a month. The Contents insurance covers individual personal items of up to $2,260 (£2,000) each, and offers total coverage up to $113,000 (£100,000). Lemonade also offers add-on coverage for theft and loss-related incidents, accidental damage to mobile devices, and expert help through legal protection.

This isn’t Lemonade’s first international expansion. The company has also launched in France, Germany, and the Netherlands. For this move, however, Lemonade is relying on the U.K.’s largest insurance carrier, Aviva, which counts 18.5 million customers across the globe.

“By joining forces we can ensure compelling propositions reach a broader range of customers, including renters, an under-served yet growing segment of the U.K. insurance market,” said CEO of Aviva U.K. & Ireland General Insurance Adam Winslow. “In our 325 year history we have adapted and thrived in a changing world and our partnership with Lemonade is a marker of our intent to continue just this.”

Lemonade entered the insurance sector with its flagship renters insurance offering in 2015, when AI-driven, digital first insurance offerings were hardly commonplace. Today, the company has expanded to offer homeowners, auto, pet, and life insurance products. Lemonade went public in 2020 and now trades on the New York Stock Exchange under the ticker LMND with a market capitalization of $1.54 billion.

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Photo by J. Kelly Brito