N26 GmbH, a Berlin, Germany-based mobile bank, raised a $170m extension of its Series D funding round.
This extension brings total Series D to $470m, total funding to date to more than $670m and the valuation to $3.5 billion.
Backers included Insight Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, Peter Thiel’s Valar Ventures, Earlybird Venture Capital, and Greyhound Capital.
The company intends to use the funds to expand in Europe, the US, and Brazil, and invest in innovative new features.
Founded in 2013 by Valentin Stalf and Maximilian Tayenthal, N26 is a mobile banking platform featuring state-of-the-art technology and no branch network, to give customers a solution to control over their finances. With 3.5 million customers in 25 markets, including France, Germany and the UK, the company employs more than 1,300 people in Berlin, Barcelona, Vienna, New York and São Paulo.
It operates in the US via its wholly owned subsidiary, N26 Inc., based in New York. Banking services in the US are offered by the US branch in partnership with Axos® Bank, Member FDIC.
The app is available on Android, iOS and desktop.