German fintech startup N26 will pull out of the UK market utterly, because it says its European banking license gained’t allow operation there following Brexit.

UK-based prospects of the Berlin-based firm had been instructed at present their accounts would shut by April 15th, Reuters reports.

N26 opened store within the UK simply 5 months in the past, some two years after the general public voted to go away the European Union within the first place.

In reality, its CEO Valentin Stalf told CNBC in October that launching within the UK was “a no brainer for us, unbiased of Brexit.”

N26 hosts roughly 200,000 British accounts, whose homeowners are prone to be pushed in the direction of digital banking alternate options like Monzo and Revolut.

N26 not even in high 10 ‘challenger banks’ within the UK

It didn’t take lengthy for rivals to poke enjoyable at N26. Dutch startup Bunq posted a blog providing its skepticism over whether or not regulatory issues really motivated N26’s sudden post-Brexit bailing.