A fast-growing digital bank has announced that it will be closing in the UK, thanks to Brexit.
German bank N26, widely considered to be an alternative to Monzo, has said it will soon shut down all its bank accounts in the UK – affecting over 200,000 people.
N26 currently operates in the UK through “passporting” rules, which allow financial firms in the European Union to work across borders.
However, thanks to Brexit, the firm would be forced to apply for a British banking license, which it says is too time consuming and costly.
A spokesperson for the company said: “As a European bank with a European banking licence, we would need to undertake complex regulatory measures and product updates in order to continue operating in the UK. A separate licence for the UK would require significant operational processes and costs.”
N26 will close all of its UK bank accounts by 15th April and will ask its customers to find another provider.
Less than a year ago, the firm was signing up 1,000 new customers a day in the UK and announced a major UK expansion plan.
It looks like Brexit has p*ssed all over that parade.
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