German fintech N26 to leave UK — because Brexit

German fintech startup N26 will pull out of the UK market completely, as it says its European banking license won’t permit operation there following Brexit.

UK-based customers of the Berlin-based company were told today their accounts would close by April 15th, Reuters reports.

N26 has operated in the UK for just five months, some two years after the public voted to leave the European Union in the first place.

In fact, its CEO Valentin Stalf told CNBC in October that launching in the UK was “a no-brainer for us, independent of Brexit.”

N26 hosts approximately 200,000 British accounts, whose owners are likely to be pushed towards digital banking alternatives like Monzo and Revolut.

N26 not even in top 10 ‘challenger banks’ in the UK

It didn’t take long for rivals to poke fun at N26. Dutch startup Bunq posted a blog offering its skepticism over whether regulatory concerns truly motivated N26’s sudden post-Brexit bailing.

German fintech N26 to leave UK — because Brexit 1
Subtweeting, but in a blog.

Certainly, N26 is successful in other markets. It reportedly boasts 4.5 million users globally, but it never really found a solid foothold in the oversaturated British market.

Indeed, data published by Sifted in December revealed N26 ranked 19th in the list of top British fintechs, sorted by monthly active users. Cryptocurrency exchange Coinbase had more users.

As for Revolut and Monzo, they already service more than 1 British million customers, as does Starling Bank. So, instead of continuing to struggle to poach users, N26 is expected to focus on growing its presence in the US market.

The Peter-Thiel backed startup has serviced customers across the US since mid-2019. Last month, N26 claimed it had attracted 250,000 American users, including some who’d moved over from big names like Chase and Citibank  but it need loads more if it’s going to thrive there, too.

Published February 11, 2020 — 17:52 UTC

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin33,272 0.96 % 6.94 % 22.84 %
Ethereum2,178.4 1.56 % 12.18 % 35.10 %
Tether0.9993 0.08 % 0.05 % 0.10 %
Binance Coin339.56 0.78 % 11.62 % 31.90 %
USD Coin0.9976 0.41 % 0.44 % 0.21 %
Cardano0.9631 0.56 % 14.02 % 31.66 %
XRP0.5613 0.84 % 9.65 % 27.99 %
Solana81.28 2.00 % 19.56 % 45.06 %
Terra60.43 0.53 % 11.34 % 30.55 %
Polkadot16.05 1.12 % 13.90 % 42.14 %

Bitcoin (BTC) $ 33,360.00
Ethereum (ETH) $ 2,203.52
Tether (USDT) $ 0.995469
Binance Coin (BNB) $ 341.55
USD Coin (USDC) $ 0.995097
Cardano (ADA) $ 0.966027
XRP (XRP) $ 0.563695
Solana (SOL) $ 82.81
Terra (LUNA) $ 60.54
Polkadot (DOT) $ 16.17