N26, one of the world’s fastest growing banks today, announced customers in a blog post that BaFin (Germany’s financial regulator) imposed a temporary cap on the number of new customers the digital challenger is allowed to onboard each month.
„In conjunction with the overwhelming demand for N26’s digital banking products, we will be making a temporary adjustment to the number of new bank accounts that we can offer each month. This means that we may not be able to instantly provide every new customer with an N26 account, at least in the short-term,” the bank said.
According to Finextra, N26 has agreed to accept between 50,000 and 70,000 new customers a month until it has addressed issues raised by BaFin.
The digital lender has been signing up about 170,000 customers a month this year, according to the Financial Times.
N26 has been facing heightened scrutiny from German regulatory authorities over the past two years.
Last month it was fined €4.25 million over lax money laundering controls. In May, the watchdog appointed a special commissioner to monitor the fintech giant’s compliance with an order to implement appropriate internal controls and safeguards and comply with general due diligence requirements.
N26 has also been told to ensure that it has the adequate personnel, technical and organisational resources to comply with its obligations under anti-money laundering law.
„If we’re unable to open an account for you at this time, we encourage you to sign up to our waiting list. Our teams are working hard to make this process as smooth and seamless as possible, and we’ll be in touch as soon as we’re able to offer you the account of your choice. We look forward to welcoming each and every new customer to N26 in the near future,” the company explains.
„Existing N26 customers won’t be affected at all—you can expect the same seamless and secure mobile banking experience ,” the company added.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
