N26, a German startup supported by PayPal investor and co-founder Peter Thiel, has raised $ 300 million in a round of Series D financing.
The investment places the company’s valuation at around 2,700 million dollars.The financing round takes place only 10 months after the last and will be used to facilitate the expansion of N26 to the US market.
The German digital bank N26, backed by the investor and co-founder of PayPal, Peter Thiel, is already the most valuable fintech in all of Europe.
The company has announced that it has raised 300 million dollars in a series D financing round that places its value at 2,700 million dollars. That is more than the 1,700 million dollars in which Revolut is valued, the fintech born in the United Kingdom.
The venture capital firm Insight Venture Partner has led this latest round of financing along with Singapore’s public investment fund, GIC.
The round takes place only 10 months after the last round of financing of N26 in which the company raised 160 million dollars, mainly from the investments of Tencent and Allianz.
Nicolas Kopp, executive director of N26 in the United States, says the fundraising aims to facilitate the company’s global expansion, including in the United States.
Business Insider has previously reported that N26 is building a banking product for US customers with the aim of launching it during the first half of 2019 and is partnering with an unidentified US bank for this mission.
The company’s goal is to launch a banking application that offers a set of services provided by popular financial applications, such as Venmo, Zelle, Mint and a bank account.
N26 is also looking to land in markets other than the United States, according to Kopp. The company has the long-term goal of becoming a global bank and aims to serve 100 million users in the coming years, he says.
Launched in January 2015, N26 currently operates in 24 European markets and has tripled its active users to 2.3 million from last year. The company has more than 700 employees and has opened an office in New York that houses 25 to 30 employees, according to Kopp.
Also published on Medium.