Another great news for European Tech! Fintech startup N26 is raising a Series D round of $300 million. Following this new funding round, the company is now valued at $2.7 billion. Insight Venture Partners is leading the round with Singapore’s sovereign wealth fund GIC and a few existing investors also participating.
N26 is building a retail bank from scratch. The company lets you open a bank account and get a card in just a few minutes. You can then control everything from your phone or computer. And it’s a much better user experience compared to traditional banks. This round comes as a surprise as the startup announced a $160 million funding round ten months ago. I talked with N26 co-founder and CEO Valentin Stalf about this, and there are several reasons why raising money made sense. First, N26 is a very different company now compared to early 2018. The user base has tripled and people are using their N26 accounts more and more. Around a third of N26’s customers are paying every month for a premium account.