Valentin Stalf and Maximilian Tayenthal, founders, N26

Berlin-based direct bank N26 today announced fund raising worth $300 million in Series D round from investors like New York-based Insight Venture Partners and Singapore’s sovereign wealth fund GIC.

The firm’s total funding now stands at $513 million with $160 million raised in Series C funding in 2018, $40 billion raised in Series B funding in 2016 and $11 million in Series A funding raised in 2015. It received a seed funding of $2 billion in 2014.

“We plan to invest our funding toward making N26 even more flexible and transparent for our customers all across Europe,” founders Valentin Stalf and Maximilian Tayenthal said in a note. “You can expect to see further development of our product offerings, banking features and new technology that will make your banking experience even smoother, smarter and more intuitive than before.”

Founded in 2013, N26 has over 750 employees from over 50 countries. It has offices in Berlin, Barcelona and New York and has crossed over 2.3 million users across 24 markets.

N26 said that the $300 million figure represents the “largest private equity financing round” for a fintech business in Europe in recent years. Also, with a valuation of $2.7 billion, N26 is one of the most valuable technology startups globally.

The startup said that the investment will also be directed towards supporting growth and expansion of its services around the world. “Starting with our upcoming US launch, we will bring N26 to new markets beyond Europe in 2019,” the firm said.

This year, N26 also said that it plans to expand its headcount in Europe and other parts of the world.

by Parnika Sokhi