German digital-only bank N26 has raised $300m in a Series D funding round. The company is valued at $2.7bn following this new funding round.
The latest N26 funding round was led by New York-based Insight Venture Partners. Singapore’s sovereign wealth fund GIC also participated in the round.
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N26 in a blog post said: “This figure represents the largest private equity financing round for a fintech business in Europe in recent years.
“With a valuation of $2.7bn, it also makes N26 one of the most valuable technology startups around the world.”
N26 funding round: Future plans
The German lender plans to support its global expansion with the new funding. In the first half of this year, the bank will launch its app in the US.
N26 also intends to expand to new European markets in 2019 as well as continue to hire new talents to bolster its global employee strength.
Currently, the lender has offices at Berlin, Barcelona and New York and employs more than 700 people. It operates in 24 countries.
With the new funding, N26 also intends to expand its product offerings and enhance banking features to improve customer experience.
Among the new features, N26 will enable its customers to share their N26 accounts and make their app more intuitive to serve customer requirements.
Launched in 2013, N26 aims to build a global digital bank with more than 100 million customers. Currently, it has nearly 2.3 million customers.
In November last year, N26 went live in the UK following a successful beta-phase.
