FRANKFURT (Reuters) – The German on-line financial institution N26 stated on Monday that it had accomplished a $900 million fundraising spherical that valued the corporate at greater than $9 billion.
It’s excellent news for the financial institution, which in current months has come beneath fireplace for breaches associated to cash laundering controls and prevention.
The most recent financing makes N26, based in 2013, one among Europe’s most respected fintechs, behind giants Klarna and Revolut however forward of different neobanks equivalent to Britain’s Starling and Monzo. N26 is Germany’s most respected fintech..
The most recent funding got here from Third Level Ventures, Coatue Administration, Dragoneer Funding Group and present N26 buyers, N26 stated.
N26’s smartphone banking app provides a scalable, low-cost mannequin that has already attracted backing from, amongst others, insurer Allianz, Singapore’s sovereign wealth fund GIC, Chinese language web large Tencent, enterprise capital agency Earlybird and Silicon Valley investor Peter Thiel.
N26 stated it has greater than 7 million prospects in 25 nations.
The financial institution stated it could use the extra funding to broaden its cellular providing and rent 1,000 new workers within the coming years.
(Reporting by Tom Sims; enhancing by David Evans)
