As the demand for innovative and customer-centric banking solutions grow, N26 has taken a decisive step by appointing Mayur Kamat as its new Chief Product Officer (CPO).
Kamat brings extensive experience from global tech giants, such as Agoda, Google, Microsoft, and, most recently, Binance, where he led product and design teams in the emerging regulated space of cryptocurrencies.
N26 Appointed Mayur Kamat as New Chief Product Officer
In his new role as CPO, Kamat will oversee the bank's product and user experience teams across its office and technology hubs in Berlin, Barcelona, and Vienna. He will deliver N26's global product strategy, which encompasses spending, saving, investment, credit, and shared banking features.
"N26 has built a bank that users love," said Kamat. "With great technological innovation, customer centricity, and brilliant user experiences, N26 is enhancing our customer's relationship with money and empowering them on their wealth-creation journey."
Kamat was associated with Binance as the SVP and Head of Product for the past two years. However, he left the company in January 2024 and remained unemployed for the last two months. Now, he will begin his journey with the German neobank.
Kamat is set to begin his role in Q2 this year. He will be based out of N26's Barcelona office and report directly to the CEO, Valentin Stalf. According to Stalf, Mayur will bring “a new dimension to N26’s team.”
“With Mayur, we bring on board a global product leader with international experience and some of the world's most recognized names in technology,” Stalf added.
For N26, this represents another significant C-level transition, following the hiring of three women (Carine van der Heijden, Kertu-Liina Lehismae, and Nicole Heider) less than a year ago to the positions of VP of Brand Marketing, Director of Digital Marketing, and Director of Labor Relations.
New Products in N26 Offering
In 2024, the German neobank N26 expanded beyond its core banking services to offer its customers instant savings accounts in 13 European countries, including Austria, Belgium, Estonia, Finland, and Greece. N26 has introduced a tiered interest rate structure for these accounts. N26 Metal users will enjoy an annual interest rate of 4%, while N26 Smart and You account holders and free N26 Standard account users will receive a yearly interest of 2.8% on their deposits.
Earlier in January, the company broadened its offerings to include stock and ETF features. Initially launched in Austria, this trading product will impose a fixed fee of 0.90 EUR per trade without any hidden charges. N26 asserted that its pricing structure is exceptionally competitive relative to other brokerage services. An integral part of this new trading offer is the ability for fractional share investing, enabling customers to buy shares in portions starting from 1 EUR.
Following the sale of Allianz's 5% stake in the German neobank at a substantial discount in 2023, N26 is exploring new avenues for brand and value creation. Consequently, its valuation dropped to $3 billion, from the $9 billion mark attained in 2021.
