Global law firm White & Case LLP has advised European digital bank N26 on the regulatory requirements and lifting of the growth restriction by the German Federal Financial Supervisory Authority (BaFin).
Effective June 1, 2024 BaFin will lift the growth restriction on N26 which, to date, has been able to take on up to 60,000 new customers per month. The cessation of the restriction will allow N26 to meet the increasing demand for its 100 percent mobile account and follows close cooperation between N26 and the regulator to address financial crime and money laundering, a dialogue which will continue after the growth restriction ends.
The White & Case team in Berlin which advised on the transaction was led by partner Henning Berger and included partner Martin Weber and associate David Schoo. The team worked in close cooperation with Anke Ulrich, N26 Group General Counsel.
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