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>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 ar
by 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.