After less than four years since its launch in the market, online-only Fidor Bank has decided to withdraw its presence from the UK.

According to its website, “uncertaintaies” are the reason.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

It stated: “Due to the uncertainties surrounding the UK market, we have decided to withdraw our product and service offering in the UK on the 15th of ​​September 2019.”

It added: “We want to say a big thank you. We had four fantastic years in the UK and we are grateful for everybody who has been with us on this journey.”

No formal communication has been sent out by Fidor Bank, but it did contact its customers to make them aware of the news.

The Germany-based bank did launch a physical product in the UK in 2016, called Fidor TAP Debit MasterCard.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The bank, which opened its doors for business in the UK in September 2015, has launched this contactless debit card for all its UK current account holders.

Fidor TAP Debit MasterCard allows cardholders to withdraw cash globally and to make contactless payment for their purchases.

Additionally, cardholders can lock and unlock the card on request, which can be retrieved through their online Fidor account, using PIN code.

Later that year, Fidor was purchased by France’s Groupe BPCE for around €140m. The acquisition of Fidor aligned with Groupe BPCE’s strategy “Another Way to Grow” and was meant to support the acceleration of its digital strategy.

Furthermore, BPCE pumped another €89m into Fidor in 2018.

However, there were rumours of culture clashes between the two firms. In addition, Fidor CEO and founder Matthias Kröner left the bank in 2019.

Earlier this year,  Fidor has unveiled a new banking chatbot developed in partnership with Finn AI.

The Fidor chatbot is designed to utilise artificial intelligence and natural language understanding to carry out real-time personalised interactions with customers.