No, it has to do with the fact that when you have a smaller customer base and additional cost when running on razor-sharp margin, it doesn't make the cut. So yes it has to do with the Brexit as this is the reason for future additional cost, especially today when EU negotiator said that it will be very unlikely for the UK to get financial services equivalence. https://www.theguardian.com/politics/2020/feb/11/barnier-tel...

They started in the UK in October 2018 - more than two whole years after the UK voted to leave the EU.

It's as if they never knew what the UK people voted for!

At that time it was not certain that Brexit would be equal to no deal (at least for finance services). Now that this is the most probable outcome they have to take action.

They voted for increased political instability that is unfriendly to foreign business?

I'm not sure what you're talking about. Nobody is blaming anything. Brexit means that the N26's EU banking license will not be recognized in the UK. How is that a failure? It sounds more like they expanded to countries that they didn't really care about and once there are signs that those countries become even less attractive than expected they just stop operating there.

He's also saying that because he didn't know about them, they must not be well known, which isn't a great way to make a point.