German challenger bank N26 raised $160m Series C round led by Tencent and Allianz. The company processes $16bn in transaction volume and now has 850k customers - plans to reach 5m customers by 2020 and roll out int he UK and the US.
German startup N26 just raised a $160 million Series C round led by Tencent and Allianz — some of N26’s existing investors are also participating. The company has attracted 850,000 customers and raised $215 million in total. N26 is building a retail bank from scratch. The company plans to double down on everything it’s been doing so far. It means more expansions, more partnerships with other fintech products, more features and more engineers. Allianz is investing through its Allianz X investment arm. “I think Tencent and Allianz are a great combination or investors,” N26 co-founder and CEO Valentin Stalf told me. “In the last 10 years, Tencent became one of the five most valuable companies in the world — it’s a pioneer in mobile payment and also fintech in general.”