Germanys $9 billion digital bank N26 to withdraw from the U.S.
Summary
The Berlin-based fintech, which was valued at $9 billion in a recent funding round, said it wanted to shift focus to its core European business. "U.S. customers will be able to use their accounts as usual until January 11, 2022, and will receive further instructions on how to withdraw their funds to ensure a smooth transition," the bank said. On the flip side, American online brokerage Robinhood tried and failed to launch internationally, scrapping plans to roll out a U.K. version of its app last year. German regulators fined the bank $5 million in June for failing to submit suspicious activity reports on money laundering on time. The company counts the likes of U.S. investment manager Coatue, Singapore sovereign wealth fund GIC and tech billionaire Peter Thiel as investors.