Obviously whilst not in the U.K. anymore… still news worthy
I still believe there’s always a glimmer of hope that they may return here in the future in some form. They’re one of the world’s largest, if not the largest, fintech bank in the world. Still makes em news worthy in my book. And I still find their German offering to be a rather attractive one generally compared to other fintech players.
Maybe if they get to a point where they can’t afford not to be in the UK, but I think Chase will succeed where N26 couldn’t and there is only so much room in the UK banking area (at least in the consumer retail market)
I think it’s more likely that you will see them offering sterling accounts for their euro customers
They also recently released some new features that would give Monzo a bit of a fright if they were still here. Statistics and an income distributor. Essentially replicating trends and salary sorter, albeit with a much better implemention. Income distributor can work with percentages, and is completely automatic once you set it up.
N26 Income Sorter automatically moves a set percentage of all incoming bank transfers to one of your N26 Spaces sub-accounts. For example, every time you receive a bank transfer of €400 or more, we’ll move 20% of that income, or €80, to your travel space (read on for more on N26 Spaces). Plus, you can customize your sorter to work best for you! Set the amount and percentage you want automatically sorted
Stuff like this would probably convince me to pay for premium banking offers… I still don’t care about the metal card but I am ultra focused on financial planning and really wish Starling would offer better budgeting tools
Is your name, by chance, Thomas?
When will these companies realise that the U.S banking market is unlike anything they’ve dealt with in Europe.
Wonder how long before Monzo go bye bye over there
This is Monzo, 5 years and £100m wasted minimum, quite possibly double on both of those figures. Who knows whether it will actually be out of beta after those 10 years…
N26 have problems back home.
According to the FT, Germany’s financial watchdog BaFin banned N26 from taking on more than 50,000 new European customers a month last week until it had put in place “a proper business organisation” and addressed “risks to the institution’s operational resilience”.
It’s like them blaming Brexit for leaving the UK, despite entering the UK after the referendum.
I’m pretty sure they’ve been back and forward with BaFin for at least a few years at this point, it may be an escalation of concerns and instead of just giving warnings or insisting they’re reporting to BaFin regularly, they’re actually taking action, but I’m sure there have been warnings and such before.
I agree, I seem to recall they’ve been fighting with BaFin for quite some time about various compliance issues
There’s was something decidedly “Chasey” about the N26 offering. Clean, minimalist, unfussy….