N26 extends Series D round
After extending its Series D round by $170 million in July 2019, N26 is announcing another extension that will add $100 million to its pot. The investment, which kept the valuation at $3.5 billion, was made by existing investors such as Tencent and Valar Ventures and brings the startup’s funding to date to ~$782 million.
Founded in 2013, the Allianz X-backed mobile bank is live in 25 countries, including the US, and it offers both personal and business accounts for freelancers and the self-employed. N26 features free and paid plans for users with the most expensive plan costing €16.90, which includes an 18-gram metal Mastercard debit, free payments in any currency, and different insurance products such as flight delay, car rental insurance and coverage against damaged or stolen phones.
To date, N26 has reached over 5 million customers worldwide, with 250,000 coming from the US.
“We’ve always been a well-financed company. For us it’s an opportunity to raise more capital. Every company at this time is very much focusing on the next two to three years and how we get through the crisis. We just want to be very well-prepared and that’s why we decided to raise more capital now.” -N26 CEO Valentin Stalf in an interview with CNBC.