The unstoppable N26 closes the biggest round of financing for a ‘fintech’
Fintech bank N26 announced at the end of last year its intention to land in the United States during the first half of 2019 and continue with its global conquest. To do so, he needed a new round of financing that has closed for 300 million dollars. It is the largest private capital financing for a fintech in Europe and, with it, N26 gets a valuation of 2.7 million dollars. Currently we can contract your products in 24 countries and in the last year has exceeded 2.3 million customers. It’s objective? Reach 100 million users in the coming years. You sign up?
Who is behind the Series D financing round of N26?
Since the fintech bank N26 launched its first product in 2015, its growth has been unstoppable. Its last round of financing has been closed for a total of 300 million dollars and is led by Insight Venture Partners, private equity and venture capital firm located in New York and one of its main activities is to invest in companies of technology.
In this last round, GIC has also participated, an investment fund from Singapore, a country in which N26 has recently obtained a license to operate. Likewise, to date, the entity has important investors worldwide, among them: Tencent, Allianz X, Valar Ventures of Peter Thiel, Horizons Ventures of Li Ka-Shing, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital.
Is N26 the leading mobile bank in Europe?
N26, Revolut, Monese, Monzo or bunq are just some of the Fintech banks that operate in Europe. Most offer products with services in which, until today, traditional banking has not been entirely transparent: payments in another currency, international transfers, commission for withdrawing cash at any ATM in the world …
The application of these fintech banks, such as N26, provides the user with a novel, practical and at the same time intuitive experience that, in many cases, serves as an inspiration for traditional banking. Through a chat, we can solve any question instantly and in a matter of minutes, we can solve any problem.
Although the growth of all these entities is very fast, N26 is one of those that is achieving greater achievements in a short space of time. During 2018, its number of customers multiplied from one million customers in June 2018 to almost 2.3 in November. Its goal is to reach 100 million customers worldwide.
By having a banking license, unlike other fintech entities, in countries like Germany, N26 offers savings products with up to 1.48% APR and we hope to see them soon in Spain, where it already has 100,000 clients. In June 2018 the entity chose Barcelona to open its second European office as one of the five main European cities where there is a greater development of startups.
What does N26 currently offer in Spain?
Its flagship product is the N26 Account, a product free of commissions and requirements. Includes a MasterCard card with which we can make payments in other currencies at the best exchange rate and withdraw up to five times a month cash at any ATM within the SEPA area, for payments in other currencies we will charge a commission of 1.7%, a lower cost than our bank would charge for a lifetime (around 3%). Also, thanks to the TransferWise fintech, it is possible to make much cheaper international transfers.
For those who want even more advantages, there are several premium versions with a monthly cost and a commitment to stay for at least twelve months. These versions include cards with a pack of personal and financial insurance, access to exclusive offers and discounts or free cash withdrawals at any ATM in the world as well as payments at the best exchange rate or cheaper international transfers. We refer to the N26 Black Account and the N26 Metal Account. And which one do you prefer?