Berlin The German digital bank N26, which was just valued at more than nine billion dollars, is discontinuing its US activities. It wants to concentrate on Europe, where it is already one of the market leaders in many countries, instead of pumping more money into the highly competitive US market.
The company’s offers will no longer be available to customers in the United States after January 11, N26 announced on Thursday. By this date, the approximately 500,000 accounts will be automatically closed. Customers should be given instructions on how to withdraw their money.
“For the time being, we are sharpening our strategic focus on our core business in Europe,” said Chief Growth Officer Alexander Weber to Bloomberg. N26 wants to offer more financial services there, for example in the area of financial investments. The bank is also aiming to expand into other Eastern European markets.