Digital bank N26 has announced that it will shortly leave the US market.
N26 launched in the US in 2019, as it marked its first market outside of Europe. With the pandemic accelerating the adoption of digital banking globally, but in particular in Europe, at unprecedented rates, N26 chose to deprioritise the US in order to focus on digital banking in Europe. N26 will reportedly prioritise the expansion of its product into new verticals in response to strong customer demand.
N26’s mid-term internationalisation strategy is to continue deepening its footprint in existing core European markets, primarily Germany, France, Italy, and Spain, as well as expanding its footprint into Eastern Europe. In addition, and independent from its central teams, the company has established an autonomous business in Brazil that, powered by its own local licence, is currently testing a local product which will be introduced to the market in 2022.
N26’s teams will support its US customers through a smooth transition and will support its US employees in the coming weeks.
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