Digital-only bank platform N26 announced on Monday it is announcing its departure from the UK following Brexit. N26 reported that with the UK now having left the European Union, it will in due course be unable to operate in the UK with its European banking license. The banking startup revealed in a blog post:
“We want to take this opportunity to thank all our UK customers for believing in our vision to build the bank the world loves to use. Our determination to transform the global banking industry for the better remains stronger than ever. We started our journey with the goal to redefine standards in an industry that was consistently failing customers. For many, banking still continues to be slow, tedious, and full of paperwork. Our promise is simple. A 100% digital banking experience that’s fair, transparent and centered around you.”
N26 further noted that looking ahead, it sees “ideal conditions for innovation and industry disruption” in “harmonized” markets across Europe, along with potential in large single markets such as the U.S.
“We will naturally continue to focus on growing within the European Union, building our presence in the US, and developing our products further for customers around the world.”
The UK departure comes just weeks after N26 announced it has more than five million customers who are banking on its platform around the globe. N26 also revealed at the same time that in 2019 alone it saw its customer base double and attracted more users in the past twelve months than in the previous years combined. N26 will be closing UK accounts on April 15th. The banking group added:
“We will close all accounts on 15 April 2020, in line with our terms and conditions. Customers will shortly receive a formal termination notice. In the meantime, all account and app functionality will continue to work as normal, so customers can still spend or withdraw the money in their account. The money will continue to be protected up to equivalent of €100,000.”
As previously reported, N26 has raised $670 million, gaining a $3.5 billion valuation, as it builds out its banking services across Europe. Founded in 2013 and launched in early 2015, N26 now holds more than €1 billion in accounts and is said to be generating over €2 billion in monthly transaction volume.