N26, the Germany-based mobile bank operator backed by insurance firm Allianz and internet group Tencent, secured $300m today in a series D round that valued it at $2.7bn
Venture capital and private equity firm Insight Venture Partners led the round, which included contributions from Singaporean sovereign wealth fund GIC and unnamed existing investors.
N26 runs a mobile banking service that has more than 2.3 million customers across 24 European countries, and it plans to channel the series D funds into a US expansion slated to begin in the first half of this year.
The service charges no interest on card payments regardless of where in the world they are made, and its accounts allow users to set daily withdrawal and payment limits, sign in using their fingerprint and rapidly change security features when necessary.
Customers can also access a premium card that comes with travel insurance and the ability to withdraw money from an ATM anywhere in the world free of charge.
The series D round boosted N26’s funding to $515m altogether and comes in the wake of a $160m series C co-led by Allianz’s digital investment subsidiary, Allianz X, and Tencent in March 2018.
N26 raised $10.8m in a 2015 series A round led by Valar Ventures and backed by private investor Daniel S. Aegerter and existing backers Earlybird Ventures and Redalpine Ventures. The latter two then joined Valar Ventures, Horizons Ventures, Battery Ventures and various angel investors to provide $40m in series B funding for the company the following year.
