GIC joins German mobile bank N26’s US$300m funding round

Lloyd Doyle
January 12, 2019

A Berlin-based financial technology start-up that is aiming to challenge the likes of Britain's Monzo and Starling Bank has raised $300m (£234m) in a major funding round as interest in the booming fintech sector shows no signs of waning in 2019. It brings N26's total funding to date to more than $500m, with previous backers also including Tencent, Allianz X and entrepreneur Peter Thiel's Valar Ventures.

The valuation can only be bettered by six other European firms, according to data from CB Insights, but it exceeds any fintech startups such as Revolut ($1.7 billion) and Swedish payments firm Klarna Bank which was valued at $2.5 billion in 2015. Just past year, the company tripled its customer base. The digital bank launched in the United Kingdom in October past year.

The company intends to use the proceeds to drive global expansion, starting with the United States launch of its mobile banking product in the first half of 2019.

Chief executive Valentin Stalf said the banking challenger hopes to use the expertise of its newest investors and the proceeds of the funding round "to disrupt one of the largest industries in the world".

To this end, N26 also plans to open two more offices in Europe this year and to double its current headcount which stands at 700.

Other reports by Iphone Fresh

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