Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

Germany’s $9 billion digital bank N26 to withdraw from the U.S.

by
November 18, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Freddie Mac House Price Index Increased in August to New High; Up 4.0% Year-over-year

Monday: ISM Manufacturing, Construction Spending

N26 co-founder and CEO Valentin Stalf speaks on stage during TechCrunch’s Disrupt Berlin event at Treptow Arena on November 30, 2018 in Berlin, Germany.

Noam Galai | Getty Images for TechCrunch

German digital bank N26 is shutting down its U.S. operations, less than two-and-a-half years after it launched in the country.

N26’s 500,000 American customers will no longer be able to use its app from Jan. 11, 2022, the company said in a statement Thursday.

The Berlin-based fintech, which was valued at $9 billion in a recent funding round, said it wanted to shift focus to its core European business.

“U.S. 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,” the bank said.

It’s not the first time N26 has pulled its services from a major English-speaking market. The firm withdrew from the U.K. early last year, blaming the country’s exit from the European Union. N26 had reportedly been struggling to gain U.K. users.

The news is a reminder of how difficult it has been for European fintechs to expand their services in the U.S.

British digital bank Monzo, which started testing its service in U.S. in 2019, recently withdrew its application for a U.S. banking license.

On the flip side, American online brokerage Robinhood tried and failed to launch internationally, scrapping plans to roll out a U.K. version of its app last year.

As well as refocusing its attention on Europe, N26 said it will also ramp up spending on new features like investment products in the coming year. It’s also planning to expand into Eastern Europe amid growing demand in the region.

The company said it will aim to move U.S. staff to other areas of its business “where possible.”

N26’s U.S. expansion, which began in July 2019, has faced a number of setbacks. For one, the firm laid off 10% of its New York-based workforce last year, citing challenges resulting from the coronavirus pandemic. Nicolas Kopp, the head of its U.S. operations, subsequently quit the bank.

N26 is also facing regulatory pressure in its home market. German regulators fined the bank $5 million in June for failing to submit suspicious activity reports on money laundering on time.

And last month, as N26 announced a new $900 million cash injection from investors, the company said it had reached an agreement with the watchdog BaFin to limit how many customers it onboards each month.

N26 has raised a total of $1.7 billion in funding to date. The company counts the likes of U.S. investment manager Coatue, Singapore sovereign wealth fund GIC and tech billionaire Peter Thiel as investors.

ShareTweetPin

Related Posts

Freddie Mac House Price Index Increased in August to New High; Up 4.0% Year-over-year

by
October 2, 2023
0

by Calculated Risk on 10/01/2023 10:11:00 AM Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index...

Monday: ISM Manufacturing, Construction Spending

by
October 2, 2023
0

by Calculated Risk on 10/01/2023 07:06:00 PM Weekend: o Schedule for Week of October 1, 2023 Monday: o At 10:00...

These 5 Stocks Are Setting Up This Buying Opportunity After Strong Runs

by
October 1, 2023
0

Post Content

7 Stock Picks You Might Not Have Heard About. Why They’re ‘Best-of-Breed Bisons.’

by
October 1, 2023
0

Here are 7 Stock Picks You Might Not Have Heard About. Why They’re Best-of-Breed Bisons. | Barron's D.A. Davidson, a...

Best China Stocks: These Two Are Flashing Buy Signals Now

by
October 1, 2023
0

Post Content

Next Post

Best Mutual Funds That Repeatedly Top The Market

Stocks making the biggest moves premarket: Alibaba, JD.com, Cisco, Nvidia and more

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net