“For the past two years, we’ve had the pleasure of providing our 100% mobile banking experience the world loves to hundreds of thousands of people in the US. It is with gratitude and appreciation to all who have joined in our journey that we have made the decision to sharpen our focus on our European business. As a result, N26 products will no longer be available to customers in the US, and we will be closing all accounts.”
Will Monzo follow?
N26 have big problems in Germany.
Germany’s financial watchdog BaFin banned N26 from taking on more than 50,000 new European customers a month last week until it had put in place “a proper business organisation” and addressed “risks to the institution’s operational resilience”.
Yes. I’m calling it.
Putting these two sentences together seems a bit jarring.
“We are really grateful and appreciate you. So we’re forcing you to find an alternative.”
This is the press release
It’s not a good look. AFAIK, appointing a commissioner is rare