That may all be true (and it does seem to be), but it doesn't necessarily mean Brexit is a scapegoat. With an EU-wide banking license, N26 can operate in any t

That may all be true (and it does seem to be), but it doesn't necessarily mean Brexit is a scapegoat. With an EU-wide banking license, N26 can operate in any territory it chooses to, for relatively little marginal overhead. Once they need a completely separate banking license for the UK, it changes the model significantly and would need them to be significantly more successful to justify continuing operations here.