On Monday, the U.K.-based fintech discontinued its Canadian beta program, which offered banking services such as accounts and money transfers, a year and a half after launch. (The Logic)

Talking point: Revolut faced challenges in Canada including competition from Wealthsimple, which offers some similar services, and regulations that make it difficult for startups to challenge the country’s Big Five banks. Companies in the U.K. can apply for electronic money institution licences, which allow fintechs to offer services such as remittances and debit transfers without having to become fully licensed as banks, a regulatory category that doesn’t exist in Canada. Daniel Eberhard, CEO of Revolut competitor Koho, called the company’s exit bad for Canada, tweeting, “If we had a payments infrastructure that worked for the ecosystem, Canadians would still have access to this important service.” A Revolut spokesperson told BetaKit, “We hope in the future we’ll be able to return to Canada when we can offer the full suite of Revolut services.”