Out of interest, who makes N26 cards?
Judging from this… Card Group…
What’s the difference between N26’s Spaces and Monzo’s pots?
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N26 was just terrible, I’m surprised they manage to hang on as long as they did. I closed my account with them a couple of months after they launched
I agree. I looked at them before joining Monzo and they were a world apart.
I understand it’s a personal opinion that N26 is “far superior” and “Monzo would need to be rebuilt from the ground up to compete” but I can’t help feel if that’s the case we’d be reading that Monzo are shutting down today.
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They are a not a small bank, if they wanted to get a UK licence they easily could. And that must have been their plan at the start given the timing of their launch - 2 years after the referendum and a few months before the original March 2019 Brexit date.
They’ve chosen not to because they are struggling to compete. It’s obvious.
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We really can’t, as multiple people have said in multiple posts in now multiple threads, most recently:
It could be that when they launched they set themselves a target to be reached by March 2019 (adjusted to January 2020). Be it x number of customers, y% of market penetration, or z analysis of overall usage, with the it would be a sign to push on through Brexit, and if the goals aren’t met, it would be a sign to exit the market with Brexit as a convenient excuse.
The point being, why the argument may look like “We don’t want to spend £££ on getting the business through Brexit”, that’s actually a smokescreen, and the actual reason is "We missed our internal targets and are now cutting our losses and refocusing on other markets (hello USA).
No matter which way you cut it, to suggest that they’ve been blindsided by Brexit and have been forced out of the market for that reason is risible.
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Are you an employee of N26? Yawn.
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That might be true. But the fact you are the only N26 user on this thread does kind of back up that speculation
Plenty opened an account to see what it was like but their MAU figure must have been terrible
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As ever, in the absence of any actual facts, we’re each free to see this in whatever way we want.
I know little of N26 except for the anecdotal limitations of the account on launch but if their reasoning is true and Brexit is to blame, they look pretty inept from the outside if they couldn’t see a chance of this happening from before they opened their doors over here.
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You say ‘bias and assumption’, I say ‘considered opinion based on the evidence and my experience’.
I’ll say again; if you launch in the UK market after the Brexit vote, you have a plan to get through it. It’s simply not credible to blame Brexit for pulling out of the market when you knew going in that it had been voting for and would be happening, no matter what N26 might be saying.
I’m probably going to leave it there now, as I’m at risk of simply repeating myself, but I did feel I had to defend myself against the unfair accusation of bias. It may be that it was a poor choice of words of your behalf, but it’s uncalled for. My take stems, as I’ve said before, from an objective look at the evidence.
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Looking for the other n26 members 
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You keep saying this but it’s not true.
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Interesting how the Monzo engineer flagged the immediate spike in in-bound payments from N26 yet the Monzo user growth charts show no spike in new accounts on that day or the following days.
I ain’t a rocket scientist but doesn’t that mean that the few people still actually holding a balance with N26 already had an active monzo account to quickly claw back their cash?
It implies that there were approximately zero #fulln26 users in the UK.
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They really don’t. You should look up the definition of the word before you carry on using it any further.
Actually, at the end of this year when the transition period ends, the Temporary Permissions Regime will give EU firms currently operating in the UK via a passport an additional 3 years to get a UK licence - so until the end of December 2023 - assuming there is no deal covering this in place.
And this regime has already been legislated for…
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I imagine there’d be similar inbound charts for other existing banks too, and regardless of ‘full’ status, since you can’t CASS to N26, I’d image most users already had another bank by default. (Since “swtiching” accounts and closing your old one wouldn’t be a thing for N26).
I also imagine a fair number of adopters also have multiple fintech bank accounts anyway
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Anyone think Revolut with their Lithuanian licence might follow suit?
No. They’ve using the Emoney license for the uk operation, moving the hq to Ireland and using their Lithuanian license for Europe
Let’s see how that goes, eh?
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