N26 Announces $300M Funding Round
N26 has announced a $300m Series D funding round led by New York-based venture capital and private equity firm Insight Venture Partners, valuing the company at $2.7bn. The round also includes participation from GIC, Singapore’s sovereign wealth fund, and several existing investors. To date, N26 has raised more than $500m from different investors including Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital.
Operational in 24 markets across Europe, N26 has more than 2.3 million customers which hold over €1b in their accounts, and has processed more than €20 billion in transaction volume. The company plans to use the funding to drive global expansion, starting with the US launch of its mobile banking product in the first half of 2019.
“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.” – CEO and co-founder of N26, Valentin Stalf.
“It’s increasingly rare these days to come across such a massive industry which hasn’t experienced disruption by technology. N26 is the clear market leader in the European mobile banking industry; the company is ideally positioned to expand to the US market this year, and build a formidable global digital consumer brand.” – Principal at Insight Venture Partners, Harley Miller.