The Berlin-based fintech, which offers a current account and debit card through its mobile banking app, has raised $300m in a series D round led by United States venture capital firm Insight Venture Partners.
N26, a German start-up that offers a mobile banking app and a see-through debit and payments card, secured the funding from USA venture capital firm Insight Ventures and Singapore's sovereign wealth fund. To date, N26 has raised more than $500m from well known investors including Tencent, Allianz X, Peter Thiel's Valar Ventures, Li Ka-Shing's Horizons Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital.
The round beats out competitor Revolut's $250m fundraise in April as the largest closed by a European fintech firm in the age of digital banking.
A digital bank has become one of the most valuable financial technology companies in the world with a price tag of $2.7 billion placed on it after a $300 million fundraising. The start-up is planning to launch in the USA with a mobile banking app in the first half of this year.
Co-founder and chief executive Valentin Stalf has predicted that the company will acquire a million customers in the U.S. within 12 to 24 months, citing the 2.3 million customers it has attracted thus far across 24 European markets.