Banking Startup N26 Raises $300 Million

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N26 Banking

Germany-based banking firm N26, the startup that helps customers manage their bank accounts through their mobile phones has confirmed that it is securing $300 million in Series D round of investment.

The latest financing was led by Insight Venture Partners along with the GIC, the sovereign wealth fund of Singapore while few of the other existing backers also infused their capital. The latest financing takes the total amount raised by the company to more than $500 million, where the notable names include Greyhound Capital, Horizons Ventures, Valar Ventures, Earlybird Venture Capital, David Schneider, and Rubin Ritter.

Headquartered in Berlin in 2013 by Maximilian Tayenthal, Valentin Stalf, the firm says that it is building a retail bank where one would be able to open a bank account and get a card instantly. Once the account is opened, the customers will have everything in their smartphone. The company says that the banking experience through N26 is completely different when compared to traditional banking.

The company has seen rapid growth as one-third of a current user base of the company is turning to a premium account and the customer number has tripled in a very short span. The valuation of the company has gone well over $2 billion as well.

With a presence in 24 markets in the European territory, the company claims to have more than 2.3 million customers. N26 now aims to expand in the US along with few new countries. As per details, the N26 bank currently has more than €1 billion amount of the customers.

 

Image Courtesy : softwareengineeringdaily

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