N26, a Berlin, Germany-based N26 mobile bank, raised $160M in funding.
The round – which brings total funds to $215m – was co-led by Allianz X, the digital investment unit of Allianz Group, and Tencent Holdings Ltd., a provider of internet value-added services in China.
The company intends to use the funds to accelerate international expansion, in particular US and UK, later this year, invest in the product, to make its services smarter, easier and more personalized for all customers, via artificial intelligence.
Founded in 2013 by Valentin Stalf and Maximilian Tayenthal and launched in January 2015, N26 is a mobile bank that allows customers to run all banking activities from their smartphones. N26 partners with fintech and traditional financial companies to offer products such as TransferWise (foreign exchange), Raisin (savings), Clark and Allianz (insurance), auxmoney (credit) and others.
The company, which has more than 850,000 customers across 17 European markets in Austria, Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, and Spain, aims to reach more than 5 million customers by the end of 2020.
N26 has processed over 9 billion Euros in transaction volume to date, with a projected volume of more than 13 billion Euros in 2018 alone.
Other investors include Li Ka-Shing’s Horizons Ventures, Peter Thiel’s Valar Ventures, members of the Zalando management board and Earlybird Venture Capital.
It has over 380 employees.