Germany-based mobile bank operator N26 today increased its series D round to $470m following a $170m extension backed by internet group Tencent and Allianz X, an investment arm of insurer Allianz.
Both Tencent and Allianz X have been revealed as investors in the first $300m series D close in January 2019. All other original series D investors also returned, including Insight Venture Partners and GIC, the only two backers that were named at the time.
Valar Ventures, Earlybird Venture Capital and Greyhound Capital have also contributed to both tranches. The extension increased N26’s valuation to $3.5bn, up from the first close’s $2.7bn.
Founded in 2013, N26 operates a digital bank that users access through a smartphone app, with features including real-time push notifications for transactions and fee-free card payments globally.
The bank offers a free and two premium private current accounts, as well as business accounts. It has attracted more than 3.5 million customers across 24 European markets to date.
The cash will drive continued expansion efforts across Europe and the US and will allow the company to launch in Brazil. N26 also plans on developing additional features and growing its headcount across offices in Berlin, Vienna, New York, Barcelona and São Paulo.
N26 has raised $685m in funding altogether. Allianz X and Tencent previously co-led a $160m series C round in March 2018.
