The Nickel account as an alternative to banks reaches 3 million customers

Between April 2022 and this month of January 2023, Nickel took on more than 500,000 customers in France, Spain, and recently in Belgium and Portugal. The French “account without bank”, which actually belongs to BNP Paribas, has demonstrated that it has the shoulders to expand internationally and weigh in France on the second step of the mobile banking podium. Only Boursorama Banque does better, with more than 4.4 million customers.

The announcement reminds us that despite the opportunities to open premium accounts with neo-banks, the online model is even more relevant for less well-off customers. It is through them that Nickel has known its success. With support from tobacconists, fintech offers a physical presence that reassures, participates in word-of-mouth, and limits business costs at a time when bank branches and advisers are disappearing.

Nickel has the wind at his back

With 3 million customers and a presence in four countries, everything happened very quickly at Nickel. Inflation affects all the markets concerned, and the establishment certainly has great opportunities to seize in this context for the new year to come. Between November and December in Portugal, for example, inflation was close to 10% (8% over the year according to European Commission estimates). In the Lisbon metros, the subsidiary of BNP Paribas did not hesitate to take over advertising space.

Bank charges continue to be a burden for many and the solution of leaving your traditional bank for a cheap mobile bank may prove to be wise. In France, it can easily save 200 euros per year. At Nickel, the offers are not totally free but the prices charged are well below the competition.

With its Chrome card, at 4.2 euros per month or 50 euros per year, it is possible to recover a card with the possibility of withdrawing and paying in France and abroad, and taking on some insurance. The free card comes with an annual fee of 20 euros and offers enough to have a current account with a bank card – accessible even for foreigners and bank bans.

Nickel’s new ambitions

For 2023, Nickel faces a new challenge: that of launching in Germany. The fintech has already signed a contract with local lottery outlets, which should allow it to open 600,000 current accounts within 5 years. It will therefore be the main market abroad, as the objectives are 450,000 in Portugal and 300,000 in Belgium. Everything will have to be decided in 2023, because Nickel aims to overtake Boursorama in terms of the largest distributor of current accounts.

No information was given on the potential arrival of other banking products. The strategy seems to be to let BNP Paribas take over for customers looking for savings or credit products, for example. The latter also have the possibility of switching to Hello bank!, the online bank of the largest French banking group.