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Revolut is British. Monzo is British. Starling is British. N26 is German. I can see complications arising from Brexit. Bank Passporting was a big issue before
by s_dev 7y ago
Revolut is British. Monzo is British. Starling is British.
N26 is German. I can see complications arising from Brexit. Bank Passporting was a big issue before the referendum, during and after.
- mytailorisrich 7y agoPassporting is a red herring. Even if it does end, it will mean needing a British licence. No big deal. IMHO, the reality is that they have taken a commercial decision because they are not doing great in the UK with a lot of competition and are investing in the US at the same time.
- s_dev 7y ago>it will mean needing a British licence. No big deal. It is though -- a banking licence is a big deal and they aren't handed out like hunting licences. They are very expensive and introduce a lot of overhead to the financial company.
- mytailorisrich 7y agoThe UK has nothing to gain by making things difficult for new and especially existing banks, it's one of the largest financial centres in the world. The Bank of England and FCA have a special unit to help. N26 also had to get a US licence. Probably a bigger deal. The point is that they did not decide to leave because of that. As mentioned, just last year they were talking of growing massively in the UK. In the meantime they have launched in the US and it seems they had to make a choice, especially since they do not seem to be doing great in the UK.