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German online bank N26 quitting UK market due to Brexit

AFP  |  Berlin 

German online bank N26 has said that it will close all of its British customers' accounts and leave the UK market because of Britain's exit from the EU at the end of last month.

A relative newcomer in Britain, the firm said that due to it being unable to operate with its European banking licence, its hundreds of thousands of UK customers would have their accounts shut on April 15.

"While we fully respect the decision that has been taken, it means that N26 will in due course be unable to serve our customers in the UK and will have to leave the market," chief banking officer Thomas Grosse said in a statement.

The firm added that its customers outside of Britain would not be affected and the move did not indicate its global ambitions had dimmed. Grosse said the bank, which recently raised USD 300 million to enter the lucrative US market, now had more than five million customers across the European Union.

Launched in 2015, N26 lets customers open a bank account within a few minutes from their smartphone or computer, offering a bank card at no extra charge.

Like similar "fintech", or financial technology firms, it dispenses with traditional lenders' network of branches and can charge much lower fees as a result.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 12 2020. 03:16 IST