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N26 will be leaving the UK

n26.com

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Re: N26 will be leaving the UK

#11

Post by danpalmer »

Businesses pulling out of the UK based on the Brexit process is bad for the UK, and I'm sure this was indeed mainly motivated by N26's need for a UK banking licence, which is a costly and difficult process to go through. However, it's worth noting that they are pretty small in the UK (~200k users).

They're very successful in Germany where banking is a very slow, difficult, manually run industry (from what I've heard), but in the UK we have generally very good banking infrastructure – payments are normally instant and free, and there's a lot of consumer protection with things like the current account switching service guarantee.

Startups such as Monzo and Starling started in this great infrastructure and now offer relatively compelling products, while the incumbents are getting to grips with modern tech and doing better than many people realise.

N26 on the other hand just didn't have a compelling offering. They charged for most/all of their accounts (explicit charges for accounts in the UK are uncommon), they lacked features, and their marketing was unremarkable compared to the competition.

Re: N26 will be leaving the UK

#12

Post by treebornfrog »

SirHound wrote: post #5
Zenst wrote: post #2

As somebody who lives in the UK (London area), I've never even heard of this company N26, let alone aware that they had UK operations. I do frequent the web, youtube, bus stops, tubes, trains and utterly exposed to all forms of marketing. So from my perspective, this does seem like marketing failure from the start - at least from my perspective. Though the only real new Bank in the UK to do well, traction wise would…

Their adverts used to be all over the tube. That’s the only reason I know of them (most people in know IRL opting for Revolut or Monzo)

Yes I remember these, 'fast banking' was their motto.

Re: N26 will be leaving the UK

#13

Post by raverbashing »

Symbiote wrote: post #7

> With the UK now having left the European Union, we will in due course be unable to operate in the UK with our European banking license. Isn't this still up for discussion? Since they're only giving two months notice, they could wait until much later in the year before shutting up shop in the UK.

It's not like they couldn't obtain an UK license if they wanted to.

Revolut got a banking license from Estonia to continue to operate in the EU.

(For a company of their size) it's their choice, more than the effects of Brexit.

Re: N26 will be leaving the UK

#14

Post by chimeracoder »

Zenst wrote: post #2

As somebody who lives in the UK (London area), I've never even heard of this company N26, let alone aware that they had UK operations. I do frequent the web, youtube, bus stops, tubes, trains and utterly exposed to all forms of marketing. So from my perspective, this does seem like marketing failure from the start - at least from my perspective. Though the only real new Bank in the UK to do well, traction wise would…

> As somebody who lives in the UK (London area), I've never even heard of this company N26, let alone aware that they had UK operations.

They're a huge presence in mainland Europe, especially Germany, where they're the de facto bank of choice for all non-European immigrants living in Berlin, Munich, etc.

Re: N26 will be leaving the UK

#15

Post by adamt »

jrv wrote: post #10
Zenst wrote: post #2

As somebody who lives in the UK (London area), I've never even heard of this company N26, let alone aware that they had UK operations. I do frequent the web, youtube, bus stops, tubes, trains and utterly exposed to all forms of marketing. So from my perspective, this does seem like marketing failure from the start - at least from my perspective. Though the only real new Bank in the UK to do well, traction wise would…

> Though the only real new Bank in the UK to do well, traction wise would be Metro Bank I'm not in the UK, but isn't Monzo also doing quite well?

Indeed - Monzo has 50% of challenger bank market share. N26 was almost behind Revolut and Starling and had little traction in the UK.

Source: https://www.thisismoney.co.uk/money/saving/article-7647253/M...

Re: N26 will be leaving the UK

#16

Post by princekolt »

Zenst wrote: post #2

As somebody who lives in the UK (London area), I've never even heard of this company N26, let alone aware that they had UK operations. I do frequent the web, youtube, bus stops, tubes, trains and utterly exposed to all forms of marketing. So from my perspective, this does seem like marketing failure from the start - at least from my perspective. Though the only real new Bank in the UK to do well, traction wise would…

I'm still trying to understand the point of your comment, but regardless: You haven't heard of it. So what? People will be affected by this. This will also not be the only company who will have to leave the UK because they've deemed the cost of legalising their business there after Brexit is not worth the benefits. So you're either in denial about that fact or you think it doesn't matter, which perhaps works for you as a schadenfreude for the people affected? I don't get it.

Re: N26 will be leaving the UK

#17

Post by threedots »

Zenst wrote: post #2

As somebody who lives in the UK (London area), I've never even heard of this company N26, let alone aware that they had UK operations. I do frequent the web, youtube, bus stops, tubes, trains and utterly exposed to all forms of marketing. So from my perspective, this does seem like marketing failure from the start - at least from my perspective. Though the only real new Bank in the UK to do well, traction wise would…

Both Monzo and Revolut have over 3m customers compared to 1.7m for metro bank. Starling is over 1m. So plenty of traction all for the challenger banks.

Re: N26 will be leaving the UK

#18

Post by tablloyd »

I'm skeptical of Brexit being the reason that N26 is withdrawing from the UK. They started operation in the uk in October 2018, over 2 years after the referendum result and 6 months before the UK was meant to leave until the date got pushed back.

Re: N26 will be leaving the UK

#19

Post by detritus »

treebornfrog wrote: post #8

Sad news, I've been using them for over a year, their card design is the most beautiful I've seen yet in the UK (1). (1) https://miro.medium.com/max/4000/1*XScUHKRVuzfiRKttAfJ64w.pn...

Mmm, not sure I'd agree with your estimation, but "beauty is in the eye of the beholder" and all that. Seems a little form over function to me - I'm not sure how wonderful an idea it is being able to read the three security digits on the reverse.

Not sure if I'm just paranoid, but I scrape those off every time I get a new card.

Re: N26 will be leaving the UK

#20

Post by iamben »

SirHound wrote: post #5
Zenst wrote: post #2

As somebody who lives in the UK (London area), I've never even heard of this company N26, let alone aware that they had UK operations. I do frequent the web, youtube, bus stops, tubes, trains and utterly exposed to all forms of marketing. So from my perspective, this does seem like marketing failure from the start - at least from my perspective. Though the only real new Bank in the UK to do well, traction wise would…

Their adverts used to be all over the tube. That’s the only reason I know of them (most people in know IRL opting for Revolut or Monzo)

They also had a card with a transparent part - if you were eating with friends and someone had one everyone would be "ohhhh, what's that?"
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