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I think there's an element of truth to the scapegoat argument. By all reports, N26 was not doing so well in the UK. Other established challenger banks such as
by nathankunicki 7y ago
I think there's an element of truth to the scapegoat argument.
By all reports, N26 was not doing so well in the UK. Other established challenger banks such as Monzo and Starling are taking up the mindshare of people wanting to move from an incumbent bank, leaving little room for N26.
It may be possible that with just 200-250k current accounts in the UK, it wasn't deemed worthwhile to go through the effort of gaining a UK banking license to keep their UK expansion efforts going. The competition is just too hot.