Neobank N26 confirms exit from US market

Nov 18, 2021 | The Block News | 0 comments


German neobank N26 has put a complete stop to its US operations, announcing that its American current accounts will be shut down after January 11, 2022. Previously, co-founder and CEO Max Tayenthal told Insider that the US was no longer a priority and that the company’s efforts would be focused closer to home in Europe. 

The company halted its operations in the UK in February 2020, citing Brexit as the key factor, although operating costs were understood to have played a role in the decision too.

N26 has recently come under fire for its alleged money-laundering issues, with the German regulator BaFin placing a cap on the number of users it signs up until the issues are fixed. 

However, last month, things were looking up for the neobank, as it secured a $900 million raise from investors including Third Point Ventures and Coatue, with a valuation of more than $9 billion.

N26 is not the only European neobank to put a stop to its bid for US dominance. Last month, Monzo withdrew its US banking licence application after regulators told the bank it was unlikely to be approved. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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