Berlin-based online bank N26 quits US market

Tech News

BERLIN (AP) — Berlin-based online bank N26 said Thursday that it is shuttering its business in the United States after two years and focusing its expansion efforts on Eastern Europe.

N26 said it would wind down its business in North America by Jan. 11. The bank claims to have 7 million customers in 25 countries, including about half a million in the United States —

“As far as possible, the company will help all U.S. employees find open positions in the global business activities,” it said.

Earlier this month, German regulator BaFin placed a limit on the number of new customers N26 can accept to 50,000 per month, following concerns about its money laundering oversight.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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