N26′s American customers will no longer be able to use its app from Jan. 11, 2022. The Berlin-based fintech said the move was aimed at shifting focus to its core European business. It’s a reminder of how difficult it has been for European fintechs to expand their services in the U.S.
N26′s 500,000 American customers will no longer be able to use its app from Jan. 11, 2022, the company said in a statement Thursday. “U.S. customers will be able to use their accounts as usual until January 11, 2022, and will receive further instructions on how to withdraw their funds to ensure a smooth transition,” the bank said. It’s not the first time N26 has pulled its services from a major English-speaking market. The firm withdrew from the U.K. early last year, blaming the country’s exit from the European Union. N26 had reportedly been struggling to gain U.K. users. British digital bank Monzo, which started testing its service in U.S. in 2019, recently withdrew its application for a U.S. banking license.