N26 Brazil

N26, a prominent German neobank, announced its expansion into Brazil in 2019 and received its license from the Brazilian Central Bank to operate as a direct credit company (SCD) in 2021. After a prolonged beta testing phase, the service officially launched to the Brazilian public in November 2022. The company aimed to differentiate itself by focusing on "fincare," a concept combining finance with self-care to promote financial health. However, in October 2023, N26 announced its strategic decision to exit the Brazilian market to concentrate on its core European markets. The company officially wound down its operations and closed all customer accounts by December 7, 2023.