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N26 raises $100m

N26 raises $100m

Berlin-based mobile bank N26 has raised more than $100 million from existing investors, extending its Series D funding round to $570 million and keeping its valuation at $3.5 billion.

The startup initially raised $300 million for its Series D back in January 2019 before topping it up by $170 million in July.

The latest extension was joined by all of N26's major investors and will be used for product development and to "strengthen its footprint in core markets".

Launched in Germany and Austria in January 2015, N26 began as a current account with a Mastercard. It now operates as a fully-featured bank across Europe, with about five million users.

Last year it entered the US, quickly racking up 250,000 users. A move into the UK has fared less well, with the company recently pulling out, blaming Brexit.

James Fitzgerald from VC Valar Ventures says: "This funding extension will help an already well-funded and successful business take the lead at a time when people are embracing digital banking more than ever."

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