Reported today on City AM

For the full article visit: https://www.cityam.com/german-digital-bank-n26-quits-uk-due-to-brexit/

German digital bank N26 has announced it is pulling out of the UK, saying it will no longer be able to operate in Britain with its European banking licence.The Monzo and Revolut rival, which was valued at $2.7bn after raising $300m in a series D funding round last year, said all UK accounts will be shut down by 15 April this year.Read more: Digital bank N26 valued at $3.5bn as it adds $160m onto its series DCustomers were told to transfer funds to an alternative bank account by the cut off date, and top up accounts with negative balances.In a statement posted today N26 said: “With the UK having left the EU at the end of January, we will in due course no longer be able to operate in the UK with our European banking licence. Therefore we will be leaving the UK and closing all accounts in the coming months.”We’ve planned the next steps carefully to ensure this process is as smooth as possible.”Read more: German fintech challenger bank N26 launches in the USAccounts will continue to operate as normal until the deadline date, however no new accounts can be opened, the company said.N26 added: “Customers will shortly receive a formal termination notice. In the meantime, all account and app functionality will continue to work as normal, so customers can still spend or withdraw the money in their account.”The money will continue to be protected up to equivalent of €100,000. ” The challenger bank launched in the UK in October 2018, and rolled out its services in the US last year.N26 become Europe’s most valuable fintech startup following 2019’s series D funding round, which was led by US venture capital firm Insight Venture Partners.Read more: German digital bank N26 backed by Tencent and Peter Thiel launches in the UKMore to follow

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Today I will be reviewing the online bank of N26 which I have been using for a year now since I moved to Germany from Spain, and before I start, I just want to mention that I am doing this because I want to, and not because I get paid by N26. Also, just in case you have never heard of it before, it is an online bank that charges 0 commissions for you to open an account with them and maintain it (which here in Europe it is something increasingly difficult to find), and we will go into that later, but one of the best parts of it from my personal point of view is that everything in their app can be in English or other languages as well, no matter in which country you have the account at. Which is obviously a point in favour of it, specifically when thinking about expats like myself living abroad. But after this quick snapshot, let’s go and dive deeper into the app to see whether this is really worth it or not.

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Revolut vs N26 comparison: https://www.youtube.com/watch?v=e8i8RENdzfw

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– Link to my Instagram:  https://www.instagram.com/robertalcaniz/
– Link to my Website: https://www.saveandfun.com/

Having used the N26 Mobile Bank Account for 2 years, today I’m sharing my thoughts on its features & functions in 2020.
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Is this the last bank account you’ll ever need? Should you switch? Can banking be interesting & exciting? Watch to find out!

Have you used it yourself, or are you interested in getting one? Let me know any comments & feedback!

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