German online bank N26 to leave Brexit Britain

N26 exit from UK banking market – Official Statement Irish Tech News

N26 exit from UK banking market – Official Statement Irish Tech News

However, the fact that N26 has not gone through the motions of applying for a United Kingdom banking licence and raising the relevant regulatory capital suggests that the firm was struggling to keep its head above water in the face of strong competition from other United Kingdom neobanks, such as Starling and Monzo.

As you may have read earlier, Henry broke the news that N26 are pulling out of the banking market in the UK.

The Berlin-based digital bank will close United Kingdom accounts on April 15, N26 said in a statement Tuesday. Until the April deadline, customers' money will be protected up to the equivalent of €100,000. The Dutch neobank launched in the United Kingdom last October, and only operates euro accounts to target British citizens who spend money overseas.

"Therefore we will be leaving the United Kingdom and closing all accounts in the coming months".

As you might have figured, N26 must depart in the United Kingdom banking marketplace since it now has a European banks permit during the central bank of Germany. Instead, the bank projected its campaign onto central London areas such as Carnaby Street and Liverpool Street Underground Station.

Will Sorby, general manager, N26 United Kingdom added: "We would like to thank all N26 customers for their support".

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At the time of its United Kingdom launch, Stalf had said the bank had expected its licences to be valid post Brexit "in the short term" but more might need to be done to preserve access within three years.

N26 has around 80 people across the United Kingdom and Germany working on the United Kingdom market. According to the BBC, the challenger has around 200,000 United Kingdom users. N26 consumers in different markets will not be impacted by this shift.

However, it faced stiff competition from home-grown competitors such as Monzo, Starling Bank, and Revolut.

A large part of N26's recent customer acquisition has come in the U.S., where it has now gathered a quarter of a million users since its launch in the overseas market last summer.

"We will naturally continue to focus on growing within the European Union, building our presence in the USA, and developing our products further for customers around the world".

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