N26 to cease operations in Brazil
European digital bank N26 announced today the decision to discontinue its test phase in Brazil and wind down its operations in the market.
The decision underscores N26's strategy to focus on its core European markets as it further strengthens its position as Europe's leading digital bank.
Early versions of the Brazilian N26 product were tested with select customers in Brazil via a waiting list from November 2021 onwards, but were never launched to the general public. Following this, N26 will close all accounts in Brazil within the next two months.
Brazil-based employees will have the opportunity to apply for open positions in N26’s European offices to support N26’s European business in the future.
About N26
N26 is Europe’s leading digital bank with a full German banking license. It offers simple, secure and customer-friendly mobile banking to millions of customers in 24 markets across Europe. N26 processes over 140bn EUR in transactions a year and currently has a 1,500-strong team of more than 80 nationalities. The company is headquartered in Berlin, with offices in multiple cities across Europe, including Vienna, Paris, Milan and Barcelona. Founded by Valentin Stalf and Maximilian Tayenthal in 2013, N26 has raised close to US$ 1.8 billion from some of the world’s most renowned investors.
Website: n26.com | N26 Press Contact: press@n26.com