Digital bank N26 quits UK over Brexit

Latest announcement from N26 in reference to their operation in the UK. Due to the UK’s departure from the EU, they’re unable to operate using their existing EU banking licence. Sad news indeed from #challengerbank perspective. https://lnkd.in/drirAfA #banking #neobanks #brexit

Convenient excuses for retreating from this overcrowded market?

Can’t say I’m not surprised! Various tech issues and basic functions just never worked.

I don’t get it! Is UK not an interesting market still? Did Revolut ditch Europe? Could they not have made a deal with a local bank to continue service for their customers? This is a strange decision to me. Who would use N26 anymore once they come back to UK? Is the trust not lost? So many questions.

I’m a customer of N26, only used it a few times, it’s not for me, not as good as other challenger bank apps, not as good as my Barclays app in fact, but I applaud them for having the balls to say enough’s enough in the UK while others burn more investment with an unsustainable business model.?????? #notwundrful A UK EMI license is what....￡300k and around 12 months to solve? This is not Brexit driven for sure, does N26 know something that the Monzo’s and the Revolut’s don’t??? #N26 #fintech #monzo #revolut #banking

#Brexit had now turned into #Banxit though must say that's a weak exit strategy #UKbankexodus

Challenger bank #N26 is closing accounts for UK customers on 15 April, blaming difficulties created by the #Brexit process. But, why were they holding on to this till now? what is the possibility of N26 leaving because of stiff competition by locals Monzo and Revolution. N26 also knew the Brexit was coming as they launched in Britain in October 2018, over two years after the Brexit vote and 6 months before the UK was originally scheduled to leave the EU, so they had good amount of time to prepare and also communicate it to customers.

Only this week FCA warns firms about consumer detriment associated with closing accounts because of Brexit. However how realistic is such expectations when firms either await clarification on continuity of service into the EU, try and map the landscape by each member state or set up an EU office; which for small firms may be cost prohibitive as they grow revenue.

Monzo / Starling customer feeding frenzy? Challenger bank N26 is closing accounts for UK customers on 15 April, blaming difficulties created by the Brexit process. 200,000 accounts will be closed in April. Interesting how many of the affected account holders have other ‘challenger accounts’ aswell. So may make no difference at all...to anyone?