Banking startup N26 raises another $170 million at $3.5 billion valuation

TechCrunch | 7/17/2019 | Staff
megzmegz123 (Posted by) Level 3
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Fintech startup N26 is raising $170 million a few months after raising $300 million. While it’s technically structured as a new round, the company considers today’s new funding as an extension of the Series D round.

N26 has only reached out to existing investors. All the investors in the Series D round are investing again, as well as a few investors that have been around for a while. So that’s Insight Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, Peter Thiel’s Valar Ventures, Earlybird Venture Capital and Greyhound Capital.

Raise - Valuation - % - Investors - Round

“It’s a raise in valuation of about 30%. It’s only existing investors that participated. We didn’t go external as it is also quite quickly after the round that we did earlier this year,” co-founder and CEO Valentin Stalf told me. “But I think it’s a good testament of the development of the company over the last couple of months.”

With this new influx of funding, N26 has now reached a post-money valuation of $3.5 billion. The company has raised $670 million in total. And N26 says that it is now the highest valued German startup and one of the highest valued fintech startups in the world.

N26 - Bank - Company - Phone - Card

N26 has been building a retail bank that works better. The company lets you sign up from your phone, get a card that you can control from your phone and make purchases all around the world without any foreign transaction fee. And the company has managed to attract 3.5 million customers all around Europe.

More recently, N26 launched its challenger bank in the U.S. The company plans to expand to Brazil in the coming months and launch more products to make it easier to manage your money. Many features will be based on Spaces, which are sub-accounts that let you separate your money in multiple pools and eventually...
(Excerpt) Read more at: TechCrunch
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