N26 Extends Series D Funding to $470m
N26 has announced a $170m extension of its Series D funding round to $470m; the extension drives the startup’s valuation to $3.5b. All previous investors from the Series D funding round in January 2019 extended their investment in the company, including, Insight Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, Peter Thiel’s Valar Ventures, Earlybird Venture Capital, and Greyhound Capital.
To date, N26 has raised more than $670m.
“Once again, our investors have placed their trust in us. This will allow us to accelerate our global expansion. The further increase in valuation is a great testament to the company’s development over the last months.” – N26 cofounder Maximilian Tayenthal.
N26 will use the additional funds to drive expansion in Europe, the US, and Brazil. The company will also invest in innovative new features. For example, N26 recently started relaunching its premium membership offering N26 You, and will soon launch Shared Spaces that will enable customers to create sub accounts within N26 and share them with up to 10 people.
Today, the company serves more than 3.5m customers in 24 European markets, with 16m transactions per month. Last week, N26 launched its mobile banking app in the US, its first market outside of Europe. The company plans to launch next in Brazil and aims to reach over 50m customers worldwide in the coming years.