N26 has raised $160 million in a Series C Funding round co-led by Allianz X, the digital investment unit of Allianz Group, and Tencent, a leading provider of internet value-added services in China (WeChat, etc.). The funding represents the largest equity financing round (non IPO) in the fintech industry in Germany to date and one of the largest in Europe, and will be used to accelerate N26’s global growth strategy and product vision. Total funds raised as of today are $215 million.
Since its launch in January 2015, N26 has acquired more than 850.000 customers and is one of the fastest growing European banks. The goal is to reach more than 5 million customers by the end of 2020. N26 has processed over €9 billion in transaction volume to date, with a projected volume of more than €13 billion in 2018 alone.
“We are very pleased to have Allianz X and Tencent leading our Series C. Not only are they powerhouses in their respective fields of financial and internet services, but they also understand the power of intelligent technology and design to disrupt industries,” says Valentin Stalf, CEO and co-founder, N26. Valentin will also be speaking at our EU-Startups Summit on April 24 in Barcelona.
The funding will be used toward N26’s overall growth strategy and international expansion, particularly into the US and UK later this year. It also will support product development for existing markets. A key to N26’s success and growth is its focus on making retail banking easy and transparent for users. N26 wants to take this a step further by making the banking experience even smarter and more personalized for customers through the use of artificial intelligence. As a leader in mobile banking and financial innovation, N26 believes that artificial intelligence will allow the bank of the future to become more adaptive to customers’ needs and solve problems in a way that is currently missing among traditional retail banks.
Mr. Lin Haifeng, Managing Partner, Tencent Investment of Tencent Holdings Limited, stated: “As a pioneer of the mobile banking industry in Europe, N26 is committed to offering their customers a more convenient and cost-efficient banking experience. We see the increasing demand of digital banking products and services in the European markets and we are delighted to be a strategic investor of N26 to build a long-term partnership and participate in their growth.”
N26’s vision is to build a bank the world loves to use. The mobile bank offers real-time banking services tailored to customers who prefer a digital experience that is simple, transparent and free of paperwork and hidden fees.