German neobank N26 announced in a press release the expansion of its cash back rewards program called Perks for its mobile banking clients in the U.S.
The banking startup officially launched the Perks program in December 2019. The new offering is powered by Dosh, which has a card-linked rewards platform, the release stated.
“The goal of our Perks program has always been to help customers save when spending with their debit card on brands they love,” said N26 Chief Growth Officer Alexander Weber in the release. “This is now more important than ever with the impact of the recent pandemic putting financial strain on millions of Americans. With this expansion, customers will earn cash back directly in their accounts when spending on more everyday essential items like gas and groceries.”
N26 account holders are automatically enrolled in the program and can earn cash back when making purchases at participating merchants, which include local shops, big box retail and national quick-service restaurants (QSRs). Customers get money added directly back to their account without a waiting period or having to figure out a points system.
“N26’s expansion of their Perks program into cash back is going to provide incredible value to their customers at a time when many Americans could use the additional cash,” said Dosh CEO Ryan Wuerch in the release. “Now that Dosh is a part of Perks, account holders can automatically earn cash back simply by using their N26 card for everyday purchases.”
N26 said in the release, “The program will also be closely monitored for customer spending activity to inform future vendors that will be added to the program.”
Additionally, the challenger bank said it “recently added features that help customers reach their financial goals within the Spaces function, the free personalized sub-accounts that enable customers to save or allocate money how they want,” according to the release.
In January, N26 hired Dr. Jan Kemper as its chief financial officer (CFO) as the Berlin-headquartered FinTech looks into moving toward an initial public offering (IPO).
