Connect with us


German online bank N26 to close U.S. business in latest setback

German online bank N26 to close U.S. business in latest setback 1

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 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)

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate


Newsletters with Secrets & Analysis. Subscribe Now