Business
German Online Bank N26 to Close U.S. Business in Latest Setback
Published by maria gbaf
Posted on November 19, 2021
1 min readLast updated: January 28, 2026
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Published by maria gbaf
Posted on November 19, 2021
1 min readLast updated: January 28, 2026
Add as preferred source on GoogleN26 will close its U.S. operations by January 11 to focus on Europe, following regulatory scrutiny and a customer intake limit by BaFin.
FRANKFURT (Reuters) -German online bank N26 will close its U.S. operations, the lender said on Thursday, in the latest setback for one of Europe’s most valuable fintechs.
The bank, which has been under intense scrutiny by German regulators, said offerings for its 500,000 customers in the United States would stop from Jan. 11.
It said it would “sharpen its focus on its European business“, and perhaps expand in eastern Europe.
Earlier in November, the German financial regulator BaFin ordered N26 to limit the number of customers it takes on to 50,000 a month and appointed a second special representative to monitor the bank.
In September, BaFin fined https://www.reuters.com/business/german-watchdog-bafin-orders-n26-pay-5-million-fine-2021-09-28 N26 for lapses in money-laundering controls, following on from orders in May.
Before Thursday’s announcement, N26 said it had more than 7 million customers in 25 markets.
(Reporting by Tom Sims; Editing by Maria Sheahan and Angus MacSwan)
The main topic is N26's decision to close its U.S. operations and focus on the European market.
N26 is closing its U.S. business to sharpen its focus on Europe amid regulatory challenges.
BaFin has limited N26's customer intake and fined the bank for money-laundering control lapses.
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