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Challenger bank N26 is announcing two things this week. First, the company lets you share sub-accounts with other N26 users in just a few taps. Second, after a limited beta test, the company is officially launching in the U.S. with open registration.
Shared Spaces could be seen as an alternative to joint accounts. The feature could be particularly useful for groups with more than 2 persons and situations that temporarily require a shared account. For instance, you could use Shared Spaces for a vacation, to split bills with your roommates, etc.
Subset - Company - Base - Access - Feature
Only a small subset of the company’s user base can access the feature for now. N26 plans to gradually roll out Shared Spaces to all users.
The company is building this feature on top of Spaces. This feature has been around for a while. It lets you create a sub-account and set aside some money in that separate sub-account. You can set savings goal and transfer money on a regular basis.
Shares - Spaces - Version - Spaces - User
Shares Spaces is basically a multiplayer version of Spaces. When a user creates a Space, they can invite up to 10 other N26 users to that Space. While the original user remains the owner of the Space, other users can freely deposit and withdraw money from the shared account.
Sending an invite is the equivalent of granting a power of attorney on a Space. The admin of the Shared Space is the only person who can add and remove participant to the Shared Space. So it’s not technically a...
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