Digital bank raises $300m as it plans assault on United States market

Cornelia Mascio
Gennaio 12, 2019

Valued at $2.7 billion, N26 has been backed by Insight Venture Partners, as well as Singapore's sovereign wealth fund GIC and several existing investors. To date, N26 has raised more than $500m from well known investors including Tencent, Allianz X, Peter Thiel's Valar Ventures, Li Ka-Shing's Horizons Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital.

N26 is aiming to build the first global mobile bank, targetting to reach over 100 million customers in coming years.

The money will be used to finance a push into the U.S. that will put N26 into competition with the biggest U.S. retail banks such as JP Morgan and Bank of America both of which have launched their own mobile-only banking offerings to compete with digital startups.

As is the case with its rivals, the startup is targeting a United States launch, promised to go live in the first half of 2019. Just previous year, the company tripled its customer base.

Chief executive Valentin Stalf said the banking challenger hopes to use the expertise of its newest investors and the proceeds of the funding round "to disrupt one of the largest industries in the world". It now operates in 24 markets across Europe, and has more than 2.3 million customers.

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