"With the United Kingdom having left the European Union (EU) at the end of January, we will in due course no longer be able to operate in the United Kingdom with our European banking licence", the company's statement reads.
It is writing to customers to advise them it is leaving the United Kingdom before closing accounts. You need to empty your bank accounts, proceed your recurring payments into some other lender, identify all of your subscriptions, direct debits and deposits and transfer them to a different lender.
The challenger bank's 100,000 customers here in Ireland will not be impacted by the decision. Still, the company said that the timings and framework outlined in the withdrawal agreement mean that it won't be able to operate in the United Kingdom with its European Union banking license.More news: World Health Organization head sees chance to stop virus which poses 'grave' threat
N26, the German challenger bank with five million global customers, has chose to pull its operations out of the United Kingdom and has cited Brexit as the reason.
"Although we will be leaving the United Kingdom, we will continue our mission to radically transform the global banking industry through innovation and the power of technology".
Becoming one of Europe's most valuable fintechs with a $2.7 billion valuation after raising $300 million in a Series D funding round a year ago too, N26's founders Maximilian Tayenthal and Valentin Stalf say the challenger will "continue to focus on growing within the EU" and build on its presence in the USA - where they say the bank has "huge potential". If you have a premium subscription, N26 will stop charging you for your N26 You or N26 Metal subscription starting March 14.More news: In Images: Rare snowfall carpets Iraq
Following the closure of the company's United Kingdom operations, the majority of its United Kingdom staff would move into new roles within the business, the bank said.
The bank said it had carried out a careful analysis of its position in the United Kingdom market after the United Kingdom parliament signed the Withdrawal Agreement.
"Although we will be leaving the United Kingdom, we will continue our mission to radically transform the global banking industry through innovation and the power of technology. A separate licence for the United Kingdom would require significant operational processes and costs".More news: Jay Bouwmeester collapses, game suspended, alert en route to hospital
"While we wouldn't expect Revolut, whose banking license is in Lithuania, to follow suit, this will add fuel to the fire for critics of digital-only banks who are skeptical of their long term stability". Along with its banking service, it also offered customers travel insurance and emergency medical cover.