German FinTech N26 will be shutting shop in the UK, post-UK’s departure from the European Union. The FinTech states that this departure is not expected to affect its operations elsewhere, especially the US which remains N26’s largest focus area. According to the Withdrawal Agreement’s framework, the company would soon be unable to operate in the UK market with its European banking license.
Thomas Grosse, Chief Banking Officer at N26 said, “While we fully respect the political decision that has been taken, it means that N26 will in due course be unable to serve our customers in the UK and will have to leave the market. Although we will be leaving the UK, we will continue our mission to radically transform the global banking industry through innovation and the power of technology
and design to build a bank the world loves to use. This means growing within the European Union, where we recently crossed the 5 million customer mark, building our presence in the US, one of the most attractive global banking markets, and expanding into new countries.”
N26’s egress will see the majority of the UK staff move to new roles within the business. It has stated that all card payments/direct debits will work normally till the 15th of April, 2020 by which customers have been asked to transfer money in their N26 accounts to an alternative bank.
Will Sorby, General Manager, N26 UK added, “We would like to thank all N26 customers for their support. We’ve planned the next steps carefully to ensure this process is as smooth as possible for every customer in the UK.”
Recently, the US-based subsidiary of N26 GmbH has announced an expansion of its Perks program that offers US customers exclusive cashback rewards and discounts on using N26 debit cards.