N26 GmbH (“N26”) today announces a $170 million extension of its Series D funding round to $470 million. The extension drives N26’s valuation to $3.5 billion, making it the highest valued German startup to date. The company now also ranks among the most valuable European startups and the top 10 of the most valuable FinTechs worldwide.
All previous investors from the Series D funding round in January 2019 extended their investment in the company, thus underpinning their confidence in N26’s future growth and overall success. Among the participants are many of the world’s most established investors, 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 $670 million.
“Once again, our investors have placed their trust in us. This will allow us to accelerate our global expansion outside Europe. The further increase in valuation is a great testament to the company’s development over the last months,” says N26 co-founder 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, in Europe N26 recently started relaunching its premium membership offering N26 You, and will soon launch Shared Spaces. Whether it’s splitting bills for a flatshare or planning the next group holiday, Shared Spaces will enable customers to create sub-accounts within N26 and share them with up to 10 people. N26 also plans to continue its heavy investment in organizational and structural growth. Within the last 12 months, N26 has tripled its global workforce to more than 1,300 employees and will continue hiring for its locations in Berlin, New York, Barcelona, Vienna, and São Paulo.
“N26 is one of the few tech companies that bring digital innovation from Europe to the US. We see customers all around the world waiting for banking to change and are thankful to support N26 on that journey to transform retail banking globally,” says Andrew McCormack Partner at Valar Ventures based in NYC.
Since its launch in January 2015, N26 has experienced an extraordinary success story. Today, the firm serves more than 3.5 million customers in 25 European markets, with 16 million 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 50 million customers worldwide in the coming years.