German Challenger Bank N26 to Close US Operations

The Germany-based mobile bank N26 announced yesterday that its digital banking experience would no longer be available to customers in the US after January 11, 2022.

US customers will be able to use their accounts as usual until January 11, 2022, and will receive further instructions on how to withdraw their funds to ensure a smooth transition.

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The announcement comes as the digital banking leader continues to sharpen its focus on its European business, with an emphasis on expanding its offer beyond its current accounts to cover additional financial products and services.

N26 plans to concentrate its strategy on broadening its digital banking experience into new verticals to include investment products in the coming year, aiming to create an even more complete and compelling digital proposition. By bringing additional financial services and products into its experience, N26 aims to further empower customers to manage additional aspects of their financial lives simply and seamlessly.

Apart from strengthening its core business operations in Europe, N26 is assessing future expansion into additional markets in Eastern Europe in response to growing customer demand in the region.

Shortly before, Fazzaco reported that the German Federal Financial Supervisory Authority - BaFin has ordered N26​ to take measures to ensure the institution once again has in place a proper business organisation and to mitigate risks to the institution's operational resilience. Also, it has appointed a special commissioner to monitor the bank's implementation of the measures ordered.