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German fintech N26 to leave UK — because Brexit

German fintech N26 to leave UK — because Brexit

German fintech startup N26 will pull out of the UK market utterly, because it says its European banking license gained’t allow operation there following Brexit.

UK-based prospects of the Berlin-based firm had been advised at this time their accounts would shut by April 15th, Reuters reviews.

N26 has operated within the UK for simply 5 months, some two years after the general public voted to leave the European Union within the first place.

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

N26 hosts roughly 200,000 British accounts, whose house owners are doubtless to be pushed in the direction of digital banking options like Monzo and Revolut.

N26 not even in high 10 ‘challenger banks’ within the UK

It didn’t take lengthy for rivals to poke enjoyable at N26. Dutch startup Bunq posted a weblog providing its skepticism over whether or not regulatory issues really motivated N26’s sudden post-Brexit bailing.