BERLIN—Less than two and a half years after launching in the United States and after attracting approximately a half-million customers, German digital bank N26 is shutting down its U.S. operations.
The company said its 500,000 American customers will no longer be able to use its app from Jan. 11, 2022.
The Berlin-based fintech, which was valued at $9 billion in a recent funding round, said it wanted to shift focus to its core European business, CNBC reported
“U.S. customers will be able to use their accounts as usual until January 11, 2022, and will receive further instructions on how to withdraw their funds to ensure a smooth transition,” the bank said.
It’s not the first time N26 has pulled its services from a major English-speaking market, CNBC noted. The firm withdrew from the U.K. early last year, blaming the country’s exit from the European Union. N26 had reportedly been struggling to gain U.K. users, CNBC added.