German challenger bank N26 has signed an agreement with mental wellbeing app Headspace to give premium users some peace of mind during the current pandemic.
N26 You and Metal customers can now enjoy three months of free membership to the mindfulness and meditation app.
The FInTech company noted that Headspace has demonstrated its effectiveness through its many awards and its 60 million users around the globe.
“At N26, we also understand the power of maintaining a healthy mind and creating good habits—especially in stressful, uncertain moments of crisis,” N26 said in a statement. “With so much going on around us, it’s all too easy to feel out of control, lose track of our goals and with it, our sense of direction. Sometimes however, all we really need is a change in perspective. And this is where meditation comes in – a fantastic tool to help us re-frame and re-prioritize, and as a result, reduce our worries.”
The coronavirus outbreak has certainly provided plenty if reasons for people and FinTech ventures to worry about. COVID-19 has already caused the market to go into freefall, with 80% of financial professionals worrying it might cause a recession.
As the markets continues to tumble downwards, investors may become less inclined to invest in new startups or to give them as favourable terms. Similarly, bigger ventures could find it more difficult to raise bigger rounds.
Moreover, cybercriminals are increasingly using the coronavirus in their phishing and malware attacks, threat that is increasing as more businesses are sending their employees to work from home.
For a while there were even rumours that UK challenger banks Monzo and Revolut would have to close down because of the pandemic. Both neobanks have denied that they are planning to close shop anytime soon.
N26 is not the only FinTech to instigate an initiative to ease people’s mind during the crisis. Investment crowdfunding company Wefunder announced earlier this week that it had launched a Coronavirus Crisis Loan programme to provide businesses with a strong cashflow through the COVID-19 crisis.
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