The German smartphone bank is taking a major turn and halting its plans to capture the United States. Previously, the N26, which also operates in our country, has already broken its teeth in the UK.
Two years ago, N26 announced that it was moving to the United States, including PayPal founder Peter Thiel and crude billionaire Li Ka-shing lender. It was said that this was going to seriously shake up the US banking market.
But nothing came of the Western conquest. The German company, which was founded eight years ago, announced this week that it will cease operations in the United States. Customers have until mid-January to look for a new bank.
In two years, the N26 was able to attract 500,000 customers in the US. But to continue to grow in that market, more investment and capacity expansion in large groups is needed, the bank said in a statement. N26 says it will invest those resources in its European housing market. That’s where the growth comes in, as the epidemic pushes people to bank more digitally than ever before.
A series of setbacks
For now, setbacks will not deter lenders. Last month, N26 raised 77 776 million in the capital round.
At the end of August, the bank adjusted its management to improve control over money laundering. For that reason, the bank is allowed to accept a maximum of 50,000 to 70,000 customers a month from supervisors for a specified period.
For now, these setbacks will not deter lenders. Last month, N26 raised 6 776 million in the new capital round. Its value is 75 7.75 billion: more than Commerzbank, Germany’s second largest bank.
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