N26, a Berlin, Germany-based mobile bank, raised $300m in Series D funding.
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. 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 company intends to use the proceeds to drive global expansion, starting with the US launch of its mobile banking product in the first half of 2019.
Led by CEO and co-founder Valentin Stalf (read our article about him here), N26 is building a global mobile bank. Currently operating in 24 markets across Europe (Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and the UK), the fully licensed bank has a customer base of more than 2.3 million customers, who currently hold over €1 billion in its accounts. The bank processed more than €20 billion in transaction volume to date.
The Android, iOS, and desktop app features real-time notifications and no fees on card payments worldwide. Future functionalities will include sharing accounts.
N26, which employs more than 700 employees across Berlin, New York and Barcelona, aims to reach over 100 million customers worldwide in the coming years.