German regulator caps N26’s growth at 70k users per month

ft.com

2 pointsrmesters3 comments

Why?

"The measure was imposed by BaFin in early October after the regulator became increasingly dissatisfied with organisational flaws at the fast-growing bank.
As a result, N26 will only be able to accept 50,000 and 70,000 new customers a month until it has fixed a number of specific issues flagged by BaFin, down from the average of 170,000 clients it had been taking in this year.

BaFin declined to comment"

Hmm. This seems like fallout of WireCard. Well N26 is my bank here in Germany so if it prevents some catastrophic failure then I’m all for it.

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