Go FinTechSales League Table 2020 | Banking Technology WinnersResults Announced! NEW REPORTS:India FinTech ReportEmerging Technologies in Capital MarketsImpact of Brexit on Banking and Fintech – Top 5 PredictionsGlobal FinTech Use Cases in Financial servicesDigital Lending Landscape in IndiaNEW YORKLONDONDUBAIMUMBAIBANGALORE5 FinTechs that withdrew from the UK market post-Brexit August 14, 2020 Since the beginning of the UK’s negotiation with the European Union, for a possible exit, FinTechs have either exited the UK or moved some part of their financial assets to the European Union. Brexit has affected the financial services sector in the UK by limiting FinTechs operating with European companies, with factors such as trade and employment becoming valid concerns. However, even with a pandemic looming, the sector has shown good progress post-Brexit. Check out the five FinTechs that gave in to Brexit pressures and scrapped their UK operations –N26The German FinTech N26, announced in February, that it would be shutting shop in the UK, post-UK’s departure from the European Union. The Withdrawal Agreement’s framework suggested that the FinTech will be unable to operate in the UK market, post-Brexit, with its European banking license.N26 continued all of its operations, including card payments and direct debits until April 15th, 2020. The FinTech, however, stated that the departure is not expected to affect its operations elsewhere, especially in its largest focus area – the US.N26’s egress saw the majority of the UK staff move to new roles within the business.N26 GmbH, a mobile banking platform founded in 2013, aims to reinvent the banking experience for a digital lifestyle. Since the initial product launch in 2015, it has reached more than 3.5 million customers in 25 markets in Europe.
Source: 5 FinTechs that withdrew from the UK market post-Brexit
