The European digital bank N26 has decided to stop testing in Brazil and curtail its activities in this country.
The bank's decision stems from its intention to focus on key European markets in order to strengthen its position as Europe's leading digital bank.
Seven months ago, N26 launched a trial in Brazil among select clients but has yet to make its service available to the general public.
The bank will close all accounts in Brazil over the next two months, N26 said in a press release.
"Employees based in Brazil will have the opportunity to apply for open positions in N26's European offices to support its European business," the bank said in a statement.
It is worth noting that N26 is the third fastest-growing digital bank in terms of mobile app downloads for Android and iOS operating systems among leading digital banking service providers. In addition, N26 offers its clients access to cryptocurrency trading through the Bitpanda exchange.
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