Insight leads $300m series-D for N26

The investment valued the firm at $2.7bn and included participation from Singapore's sovereign wealth fund, GIC (an investor in Unquote parent company Acuris), and other existing investors.

Existing investors in the bank include Peter Thiel's Valar Ventures, Tencent Holdings, Earlybird Venture Capital, Horizons Ventures, Allianz Capital Partners, Battery Ventures and Redalpine Venture Partners and Greyhound Capital, according to Unquote Data.

The fresh capital will be used to launch in the US in the first half of 2019. The bank aims to reach 100 million users worldwide in the coming years.

It is the largest funding round raised by a challenger bank in Europe, surpassing UK-headquartered Revolut's $250m series-C backed by DST Global in April last year.

Previous funding
N26 received a €25,000 seed investment in May 2013. Earlybird led the first institutional funding round in June 2014, investing $2m alongside Redalpine.

Both Earlybird and Redalpine returned alongside Valar and Armada Investments in April 2015 to provide N26 with a €10m series-A.

Battery Ventures and Horizons joined at the series-C round, investing alongside all previous investors in a $40m financing in June 2016.

Finally, the corporate venturing division of Allianz Group and Chinese technology investor Tencent led a $160m series-C for the bank last year.

Company
N26 was founded by Valentin Stalf and Maximilian Tayenthal in 2013, and the product was launched in 2015. It offers retail banking services via a digital platform, operating on a lower cost base than traditional banks due to the lack of physical infrastructure. The company received a full banking licence from the European Central Bank in July 2016. It has 2.3 million customers in 17 European countries and employs 700 people.

People
N26 – Valentin Stalf (CEO).

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