Berlin-based challenger bank N26 is exploring a credit card product for its growing U.S. market.

“In the U.S. we’re actually thinking about launching a credit card because it’s more important for our customers,” said Co-Founder and Chief Financial Officer Maximilian Tayenthal at the Future of Fintech conference on Monday.

N26 has more than 5 million customers globally across 25 different markets. Founded in 2013, the online-only bank launched in the U.S. August 2019, and has since notched more than 500,000 U.S. customers. As N26 grows its footprint, it is looking to tailor its products to better match the needs of market-specific demographics.

“While the base product — customer needs — they are alike … there are differences,” Tayenthal said. “In the U.S. I think the level of sophistication of customers is quite high. It’s very interesting in a country where you have people that have mortgages and credit products on one side, and at the same time [they] do all kinds of investments on the other side. It’s very different to Germany.”

N26 sees a greater market for credit products in the U.S. compared with the European market, where the digital bank offers a debit card instead of a credit card. For its German market, N26 is looking at new products in investment and savings, Tayenthal added.

N26 isn’t looking at unit economics and profitability metrics for its U.S. operations, Tayenthal said. “We have a profitable customer base in Europe; in the U.S. it’s a very different thing,” he said, adding that the main focus for the U.S. is growing the customer base and improving the user experience.

Since launching in the U.S., N26 has introduced a cash-back and discounts product called “Perks” and its own instant and internal money transfer product called “MoneyBeam.” As N26 looks to gain market share in the U.S., it faces stiff competition from more established challenger banks offering credit cards, like Chime, which had north of 10 million customers in September, and Varo Bank, the only banking fintech to gain a national bank charter in the U.S.

N26 has raised nearly $800 million to date, most recently adding $100 million to its Series D in May, propping its valuation to $3.5 billion.