N26 Press Releases
N26 announces exit from UK banking market
Berlin - With the UK having left the European Union, N26 has today announced that it will be leaving the UK market.
The timings and framework outlined in the Withdrawal Agreement mean that the company will in due course be unable to operate in the UK with its European banking license. This is for UK market-specific reasons that do not impact any other markets within which N26 operates, including the US, which remains one of N26’s biggest focus areas.
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.”
Following the closure of the company’s UK operations, the majority of N26’s UK staff will move into new roles within the business as N26 continues to grow its global team.
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.”
All N26 accounts in the UK will be closed on 15 April, 2020. Until then, accounts will work as normal, including all card payments and direct debits. Customers with money in their N26 accounts are asked to transfer their deposits to an alternative bank account.
Media Enquiries: press-US@n26.com
N26 is building the first mobile bank the world loves to use. Valentin Stalf and Maximilian Tayenthal founded N26 in 2013 and launched the initial product in early 2015. Today N26 has more than 5 million customers in 25 markets. The company employs more than 1.500 employees across 5 office locations: Berlin, New York Barcelona, Vienna and São Paulo. With a full European banking license, state-of-the-art technology and no branch network, N26 has redesigned banking for the 21st century and is available on Android, iOS, and desktop. N26 has raised close to $800 million from the world’s most established investors, including Insight Venture Partners, GIC, Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Greyhound Capital, Battery Ventures, in addition to members of the Zalando management board, and Redalpine Ventures. N26 currently operates in: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and the US, where it operates via its wholly-owned subsidiary, N26 Inc., based in New York. Banking services in the US are offered by N26 Inc. in partnership with Axos® Bank, Member FDIC.