Online Business

German online bank N26 to close U.S. business – Reuters

npressfetimg-1804.png

A N26 logo is seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

FRANKFURT, Nov 18 (Reuters) – German online bank N26 will shutter its U.S. operations, the lender said on Thursday, in the latest setback for one of Europe’s most valuable fintechs.

The bank, which has been under intense scrutiny by German regulators, said offerings in the United States would stop from Jan. 11.

It said it would “sharpen its focus on its European business”.

Earlier this month,the German financial regulator BaFin ordered online bank N26 to limit the number of customers it takes on and appointed a second special representative to monitor the bank.

In September, BaFin fined N26 for lapses in money laundering controls, following on from orders in May. read more

Reporting by Tom Sims; Editing by Maria Sheahan

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/german-online-bank-n26-exit-north-american-market-2021-11-18/