Shifting Focus to Core European Markets
German digital bank N26 has made the decision to exit the Brazilian market as it refocuses on its core European markets. The bank had been conducting tests in Brazil since November 2021, but has decided not to launch to the general public. All N26 accounts in Brazil will be closed within the next two months. This move is a backtrack on N26’s attempt to compete with South American rival, Nubank.
Continued Operations in Other Markets
Although N26 is withdrawing from Brazil, it emphasized that it will continue to operate normally in its 23 other markets. With over eight million customers and more than €100bn processed annually, N26 remains focused on its strong presence in continental Europe.
N26’s decision to leave Brazil follows its previous pullouts from the UK and US in 2020 and 2021 respectively. With the exit from South America, N26 is now solely concentrated on the European market.