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After the Wirecard scandal, Germany’s financial regulator BaFin started to look more closely at young fintech startups that wanted to grow at a rapid pace — it’s better to be safe than sorry.
In particular, N26, a Berlin-based banking startup that raised hundreds of millions of euros and quickly became a unicorn, has had a complicated relationship with BaFin for the past few years. The regulator imposed a cap on new signups as a sanction to force the startup to improve its anti-money laundering processes.
This week, N26 announced that…