N26, a Berlin, Germany-based digital bank, raised $900+million in Series E funding.
The round, which increased the company’s valuation to more than $9 billion, was led by Third Point Ventures and Coatue Management, joined by Dragoneer Investment Group as well as existing investors.
The company intends to use the funds to:
- expand its mobile banking experience,
- scale its global team further, on boarding 1,000 new team members in the coming years, with a particular focus on the areas of product, technology and cybersecurity
- extend its employee equity pool, and
- broaden Employee Stock Ownership Plan (ESOP) participation to 100% of employees.
Founded in 2013 by Valentin Stalf, and Maximilian Tayenthal, N26 is building a mobile banking platform which has more than 7 million customers in 25 markets. The company employs more than 1,500 employees across 10 office locations: Amsterdam, Berlin, Barcelona, Belgrade, Madrid, Milan, Paris, Vienna, New York and São Paulo. With a full European banking license, state-of-the-art technology and no branch network, N26 is available on Android, iOS and desktop. It operates via its wholly-owned subsidiary, N26 Inc., based in New York. Banking services in the U.S. are offered by N26 Inc. in partnership with Axos Bank®, Member FDIC (Certificate 35546).