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