After Brexit: smartphone bank N26 leaves the British market

The German smartphone bank N26 is giving up the British market after Britain's exit from the European Union. The accounts of the users there will expire on April 15, as the Berlin company announced on Tuesday. N26 has a European full bank license, which no longer applies after the Brexit in Great Britain according to the withdrawal agreement.

License application too complex

The company could also have applied for a license for the UK – but this would "involve considerable operational effort and regulatory complexity," said N26. "The growth potential is higher with comparable effort in other, larger markets such as the EU and the USA."

N26 claims to have "several hundred thousand" customers in Great Britain, according to the BBC broadcaster, around 200,000. N26 is now focusing on growth in 24 other European countries and the USA as well as preparing to enter new markets, the company explained, UK customers are expected in the coming weeks will be promptedto transfer any credit to other accounts. The majority of employees in the UK should switch to new roles within the company.

(Mho)