N26 sets new standards within the banking industry when it comes to flexibility in terms of cash withdrawal or deposit. In Austria, in addition to the approximately 8,600 ATMs, the cash desks of the drugstore dm, the supermarkets Billa, Merkur and Penny are now available.
In total, the possibility of withdrawing or depositing money increases by 20% for Austrian N26 bank customers. This cooperation with retailers saves the bank a costly branch network.
In this form, the App bank customers can collect up to 900 euros within 24 hours or 200 to withdraw or deposit euro per transaction.
Due to an investment of $ 300 million, the FinTech company is now valued at $ 2.7 billion.
This horrendous investment is intended to finance the global expansion of banking services. The major portion of the investment, at € 261.9 million, comes from New York’s venture capitalist Insight Venture Partners and Singapore investment fund GIC. Thus, this investment is considered one of the largest private equity financing of a European FinTech company.
In total, N26 has now received over $ 500 million in four rounds. The most well-known investors include the insurance group Allianz, the Chinese Internet giant Tencent, members of the Zalando management, the German-American Investero Peter Thiel and the billionaire Li Kashing from Hong Kong.
Nevertheless, the balance sheet of Mobile Bank still shows red numbers. The next step should be the expansion into the USA. However, the long-term goal of the FinTech company is to be the first globally active mobile bank.
Also published on Medium.