12 February 2020 03:32

Monzo Financial technology Finance

German online bank N26 has told customers it's pulling out of the U.K. because it won't have a license to operate there after Brexit. The Berlin-based firm launched in Britain in October 2018, about six months before the country's exit from the European Union was initially due to take place. At the time, N26 CEO Valentin Stalf told CNBC the move was a "no-brainer for us, independent of Brexit." "With the U.K. having left the EU at the end of January, we will in due course no longer be able to operate in the U.K. with our European banking licence," the firm said in announcement to clients Tuesday. "Therefore, we are writing to share the news that we will be leaving the U.K. and closing all accounts." "We are sorry to be leaving and we understand this will be disappointing for our customers." The company said it will close down all U.K. accounts on April 15 and is advising customers in the country to transfer their funds to alternative bank accounts.

N26, the German online bank backed by Peter Thiel, is leaving the UK — and it's blaming Brexit