N26 closes operations in Brazil

After being active in Brazil for two years, the German fintech startup N26 has officially announced the cessation of its operations in the South American country. This decision was communicated through a post on the company’s website and its official LinkedIn profile.

N26 stated, “At this time, N26 has decided to cease its operations in Brazil as part of its strategy to focus on the main European markets.” The digital bank, led by CEO Eduardo Prota in Brazil, had aimed to establish itself as the primary entity for financial services in the country. Beyond offering financial solutions, N26 endeavoured to assist customers in effectively managing their finances.

In a reflective tone, the company expressed pride in the project it had built over the past two years. The published text reads, “Two years ago, we decided to try a way to care for money in Brazil with less fin and more care. We are very proud of the project we have built and very grateful to the thousands of customers who participated in the trial and trusted us.”

Acknowledging the efforts of its team and the trust placed in its application services by customers, N26 expressed gratitude. The company emphasised, “We are very grateful for every person who has joined our waiting list and for every person who has tried our app. We know that each of them has only arrived thanks to the effort and dedication of the N26 team. It is to this team that we leave our thanks, our recommendation, and make ourselves available for references,” as stated in the LinkedIn post.

As part of the transition, N26 mentioned that employees who had been working in Brazil have the option to apply for vacancies at the company’s European offices.