Less than 2.5 years after entering the United States market, German fintech N26 has announced it will be permanently discontinuing all US operations in January 2022.
N26 customers in the US must migrate
All US N26 customers have until Tuesday January 11, 2022 to withdraw their funds from the global digital bank, after which time they will no longer have access to N26, its mobile app, or their accounts.
N26 has assured its roughly 500,000 US customers that they will have full access to their funds as usual until the cutoff date, and that they will receive further instructions on how to withdraw their funds to ensure a smooth transition.
N26 on terminating their US market
In a press release on November 18, 2021 announcing the withdrawal, N26 expressed gratitude to all its US employees for their immense contributions to building the business in the US market, as well as it’s plan to focus on a “core” European business moving forward. N26 says they hope to apply what they learned from the two years in the US market to their plans for a new investing option for their European users, and to their expansion into the Eastern European Market.
This sudden end in America may not come as such a shock to some observant US N26 users. On top of their withdrawal from the UK market in 2020, in response to intense scrutiny from German financial regulators, N26 was ordered to limit the number of new customers they took on to 50,000 per month in early November of this year.
You can read the full press release here.
The German Fintech’s background
Founded in 2013 and launched in 2015, N26 is a US $9 Billion German based online mobile banking service with operations in 24 European countries as well as, for the moment, the United States. Their mission is to “Build a bank the world loves to use”. They currently have 7 million customers worldwide and a full European banking license.
N26 US customers, when one door closes, another door opens
To the 500,000 N26 customers affected by this closing, we would like to express our sympathy for you and your unexpected situation. We understand that finding a new bank and coordinating your transfer of funds may feel like an impossible task. However, there are plenty of excellent US based, exclusively digital, mobile banks for you to choose from! We recommend switching to mph.bank, a new mobile bank that wants to make people happy.
mph.bank is powered by Liberty Savings Bank, a FDIC insured community bank with over 132 years of banking experience that offers interest rates up to 12X the national average, no minimum balance, and a one-of-a-kind rewards network that can pay you for your referrals every month!
Interested in learning more? Check out our website and open an account today! www.mph.bank
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