Digital bank N26 raises over $100m in extension of its Series D funding

Maria Nikolova

The funds will be used to accelerate N26’s product development and strengthen its footprint in its core markets.

Digital bank N26 today announced an extension of its Series D funding round to $570 million via a further increase of more than $100 million coming from all of the company’s major investors. To date, N26 has raised nearly $800 million, keeping its valuation at $3.5 billion.

The funds will be used to accelerate N26’s product development and strengthen its footprint in its core markets.

With changes in consumer spending, banking habits and attitudes towards saving in the wake of the COVID19 crisis, the mobile bank is expecting a long-term shift in digital banking adoption overall.

Maximilian Tayenthal, co-founder of N26, commented:

“The last month has already seen many people embrace banking from home, move away from cash, and towards contactless payments and e-commerce. We’ve even seen unprecedented growth in online spending amongst customers above the age of 65 – an important sign that digital banking is becoming increasingly relevant for everyone. Our product teams have responded to this by accelerating new features to market, and will continue to build still more innovative products to help people bank seamlessly and safely on their mobile phones, no matter where they are”.

In the coming months, N26 aims to continue to invest in growing its presence across its 24 European markets and the US. The mobile bank is also laying the groundwork for its next market entry, and is in the process of applying for a local FinTech license in Brazil.

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX

Public.com goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales. 

<