In a press release, N26 said that with the Series D round of funding, it has a valuation of $2.7 billion. Other investors who participated in the round include GIC — Singapore’s sovereign wealth fund — as well as existing investors. According to N26, the latest round marks the largest private equity financing round for a FinTech in Europe in recent years. It has raised more than $500 million from investors including Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital.
“Around the world, millions of people still suffer from bad banking experiences and high fees. With Insight Venture Partners and GIC joining our renowned group of existing investors, N26 has the support of the best investors globally to disrupt one of the largest industries in the world,” said Valentin Stalf, the chief executive and co-founder of N26, in the press release.
N26 said proceeds from the $300 million will go to bankroll its expansion around the globe, starting with a launch in the U.S. in the first half of this year. The aim is to have 100 million customers around the world in the next few years. Currently, it is in 24 markets across Europe. It said it more than tripled the number of customers during the past twelve months and now has more than 2.3 million customers.
“It’s increasingly rare these days to come across such a massive industry which hasn’t experienced disruption by technology,” said Harley Miller, principal at Insight Venture Partners, in the same press release. “N26 is the clear market leader in the European mobile banking industry; the company is ideally positioned to expand to the U.S. market this year, and build a formidable global digital consumer brand.”