Having already left the US and UK, German digital bank N26 is quitting the Brazilian market as it narrows its focus on continental Europe.
N26 first announced plans to enter Brazil in 2019, boasting of its ambitions to become a "truly global bank". It finally began testing with a group of users on a waiting list in late 2021 but never launched to the general public.
Now, the firm says it will wind down operations over the next two month and "focus on its core European markets". Around 70 Brazil-based employees can apply for open positions in the bank's European offices.
N26 quit the US two years ago despite amassing 500,000 customers and left the UK in 2019, citing Brexit-related constraints.
The bank last raised funds two years ago, securing $900 million at a $9 billion price tag. However, since then compliance costs have soared in the face of regulatory scrutiny, leading to growing losses.
In May, the company said it would cut four percent of its headcount as it adjusts to challenging macro-economic business climate.