German online bank N26 to shut down US operations in latest setback

An N26 logo can be seen in this illustration taken on January 6, 2020. REUTERS / Dado Ruvic / Illustration / File Photo

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FRANKFURT, Nov. 18 (Reuters) – German online bank N26 will close operations in the United States, the lender said Thursday, in the latest setback from one of Europe’s most valued fintechs.

The bank, which has come under close scrutiny by German regulators, said offers for its 500,000 customers in the United States will cease from January 11.

He said he would “increase his focus on its European activities”, and perhaps expand into Eastern Europe.

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Earlier in November, German financial regulator BaFin ordered N26 to limit the number of its customers to 50,000 per month and appointed a second special representative to oversee the bank.

In September, BaFin fined N26 for breaches of money laundering controls, following orders in May. Read more

Ahead of Thursday’s announcement, N26 said it has more than 7 million customers in 25 markets.

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Reporting by Tom Sims; Editing by Maria Sheahan and Angus MacSwan

Our standards: Thomson Reuters Trust Principles.


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David A. Albanese