News

Alt bank N26 raises $300M in funding to fuel US expansion

January 11, 2019

N26, a Berlin-based mobile-only bank, has raised $300 million in a Series D financing round led by New York-based Insight Venture Partners, with participation by Singapore's sovereign wealth fund GIC, as well as several existing investors. The company will use part of the proceeds to help expand to the U.S. market in the first half of 2019, according to a company release.

The fintech has raised more than $500 million to date, with investors including Tencent, Allianz X, billionaire Peter Thiel's Valar Ventures, Hong Kong billionaire Li-Ka Shing's Horizons Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital.

N26 currently operates in 24 European markets and now serves 2.3 customers. The company has said it aims to have more than 100 million customers within the next few years.

"Around the world, people still suffer from bad banking experiences and high fees," N26 co-founder and CEO Valentin Stalf said in the announcement. "With Insight Venture Partners and GIC joining our renowned group of existing investors, N26 has the support of the best investors globally to disrupt one of the largest industries in the world."