German neobank quits UK banking market

All N26 accounts in the UK will be closed by 15 April 2020

German neobank

German neobank quits UK banking market. Source: facebook.com

N26 has announced to exit the UK market due to the fact the United Kingdom has left the EU.

According to the EU Withdrawal Agreement, the company will be unable to operate in the UK with its European banking license.

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. 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
Thomas Grosse, Chief Banking Officer at N26

After N26 quits the UK, the majority of its staff will get new roles within the business as the bank keeps growing its global team.

Until then, accounts will work as normal, including all card payments and direct debits. Customers having money in their N26 accounts are asked to transfer their deposits to an alternative bank account.

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