Is N26 Really Leaving the UK Because of Brexit?

Yesterday N26 announced that they were ceasing operations in the UK citing Brexit as the reason; 200,000 N26 customers are affected by the news; N26 first launched in the UK less than 18 months ago, just five months before the UK was originally going to leave the EU; AltFi digs further into a blog post where N26 was assuring customers that they shouldn’t worry, “While we can’t predict what the 31 October will bring, we want to reassure you that we’ve got measures in place to ensure it’s as painless as possible in terms of your N26 account, no matter what the outcome. The good news is that you, as a N26 customer in the UK, will not experience any changes to the way you can use your account – regardless of the 31 October outcome.” N26 will no longer be able to use their German banking license in the UK and alternatives were apparently too expensive to pursue; it is worth mentioning that N26 is well funded, bringing in $170 million in their last round; some believe that the digital banking space has become too crowded in the UK. Altfi

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