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Neobank N26 is shutting down US operations

The company previously shut down U.K. operations.

Neobank N26 is shutting down US operations

Challenger bank N26 had raised more than $900 million at a valuation of more than $9 billion.

Image: Atomic Imagery via Getty Images

German neobank N26 plans to shut down its U.S. operations, it announced Thursday. The service won't be available to U.S. customers after Jan. 11, 2022.

The company plans to expand into additional verticals such as investing and to other countries in Europe, it said in a release. N26 stopped its U.K. operations last year.

Last month, N26 was ordered by German regulators to slow down onboarding new customers due to potential money laundering issues.

Meanwhile, last month U.K. neobank Monzo said it had pulled its application for a banking charter in the U.S.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

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