German Digital Bank N26 To Shut Down U.S. Accounts, Operations

Online German bank N26 said Thursday that it will close down its operations in the United States in less than two months, meaning that its 500,000 US customers will no longer be able to use their accounts come January 2022, Zarrin Ahmed reported for United Press International (UPI).

Photo Insert: By January 2022, 500,000 N26 US customers will no longer be able to use their accounts.

The Berlin-based digital bank began operating in the United States about two years ago but encountered a number of setbacks. The N26 operations will end on Jan. 11.

The bank said customers will receive instructions on how to withdraw funds to ensure a "smooth transition." Going forward, the bank said it would consider expanding in Eastern Europe "in response to growing customer demand in the region."

The bank laid off 10% of its New York-based workforce last year due to COVID-19 and later lost its head of operations Nicolas Kopp. N26 also withdrew from Britain last year due to the economic impact of withdrawing from the European Union.

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