N26, a leading European digital bank, recently announced its plan to withdraw its operations from Brazil and focus exclusively on its core European markets within the next two months. The decision comes two years after it left the United States and four years after it ceased operations in the United Kingdom due to Brexit-related issues. Prior to its withdrawal, N26 had tested its Brazilian product with select customers via a waiting list in 2021. The bank also stated that employees in Brazil would be provided with opportunities to work in Europe. Additionally, N26 made headlines in October 2022 by being one of the first banking institutions to enter the cryptocurrency space. It went further, launching a trading service through the cryptocurrency exchange Bitpanda with Austria being the initial target market. According to Finbold, the digital banking service provider saw 1.89 million mobile app downloads in 2022, positioning it as the third fastest-growing in its segment. All in all, the withdrawal highlights N26's aim to focus on serving its core European customer base and further increasing its standing as the leading digital bank within the region.



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