N26's American customers will no longer be able to use its app from Jan. 11, 2022.
, scrapping plans to roll out a U.K. version of its app last year.
As well as refocusing its attention on Europe, N26 said it will also ramp up spending on new features like investment products in the coming year. It's also planning to expand into Eastern Europe amid growing demand in the region.N26's U.S. expansion, which began in July 2019, has faced a number of setbacks. For one, the firm laid off 10% of its New York-based workforce last year, citing challenges resulting from the coronavirus pandemic. Nicolas Kopp, the head of its U.S.
N26 is also facing regulatory pressure in its home market. German regulators fined the bank $5 million in June for failing to submit suspicious activity reports on money laundering on time. And last month, as N26 announced a new $900 million cash injection from investors, the company said it had reached an agreement with the watchdog BaFin to limit how many customers it onboards each month.
N26 has raised a total of $1.7 billion in funding to date. The company counts the likes of U.S. investment manager Coatue, Singapore sovereign wealth fund GIC and tech billionaire Peter Thiel as investors.
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