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German online bank N26 to close U.S. business in latest setback

Published by maria gbaf

Posted on November 19, 2021

1 min read

· Last updated: January 28, 2026

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N26 to Close U.S. Operations, Focus on European Market

FRANKFURT (Reuters) -German online bank N26 will close 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 for its 500,000 customers in the United States would stop from Jan. 11.

It said it would “sharpen its focus on its European business“, and perhaps expand in eastern Europe.

Earlier in November, the German financial regulator BaFin ordered N26 to limit the number of customers it takes on to 50,000 a month and appointed a second special representative to monitor the bank.

In September, BaFin fined https://www.reuters.com/business/german-watchdog-bafin-orders-n26-pay-5-million-fine-2021-09-28 N26 for lapses in money-laundering controls, following on from orders in May.

Before Thursday’s announcement, N26 said it had more than 7 million customers in 25 markets.

(Reporting by Tom Sims; Editing by Maria Sheahan and Angus MacSwan)

Key Takeaways

  • N26 will cease U.S. operations by January 11.
  • The bank aims to focus on its European market.
  • BaFin limits N26's new customer intake to 50,000 per month.
  • N26 fined for lapses in money-laundering controls.
  • N26 has over 7 million customers in 25 markets.

Frequently Asked Questions

What is the main topic?
The main topic is N26's decision to close its U.S. operations and focus on the European market.
Why is N26 closing its U.S. business?
N26 is closing its U.S. business to sharpen its focus on Europe amid regulatory challenges.
What actions has BaFin taken against N26?
BaFin has limited N26's customer intake and fined the bank for money-laundering control lapses.

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