N26 Raises $300M in Series D Funding

Postado Janeiro 12, 2019

The Berlin-based fintech, which offers a current account and debit card through its mobile banking app, has raised $300m in a series D round led by U.S. venture capital firm Insight Venture Partners.

N26 is building a mobile bank and has global aspirations.

There have been bigger fundraisings around the world, with the record held by Ant...

The round, which valued the company at $2.7bn, was led by Insight Venture Partners, with participation from GIC, Singapore's sovereign wealth fund, and several existing investors.

N26 said it has increased its customer base to 2.3 million, tripling it in the last 12 months. To date, N26 has raised more than $500m from well known investors including Tencent, Allianz X, Peter Thiel's Valar Ventures, Li Ka-Shing's Horizons Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital. The digital bank launched in the United Kingdom in October previous year.

Valentin Stalf, CEO and co-founder of N26, said: "Around the world, millions of people still suffer from bad banking experiences and high fees".

N26 said it will use the proceeds to drive global expansion, starting with the USA launch of its mobile banking product in the first half of 2019.

To this end, N26 also plans to open two more offices in Europe this year and to double its current headcount which stands at 700.