By Oliver Smith on Tuesday 5 May 2020
News comes after Germany’s digital bank retreated from the UK market.
Digital bank N26 has extended its Series D funding round, which valued the business at $3.5bn in January 2019, for a second time with total funds raised now of $570m.
Today’s additional $100m comes from all of the fintech’s existing major investors including Insight Venture Partners, GIC, Tencent, Allianz X and Peter Thiel’s Valar Ventures.
“With banking from home now more important than ever, we want to make sure that everyone can open a bank account in minutes to explore the freedom and safety of mobile banking,” said Valentin Stalf, CEO and co-founder of N26.
The news comes amidst a difficult time at many digital banking players, last week AltFi exclusively revealed that Monese is looking to shutter two of its offices with redundancy consultations underway with staff.
With regards to what N26 will be using the additional funds for, the bank said it will continue investing in the US and its 24 European markets, with the notable exception of the UK where it exited the market in February.
Next on N26’s roadmap is also Brazil, where the bank says it is “in the process of applying for a local FinTech license”.
Brazil will see N26 come head-to-head with Nubank, the largest neobank in Latin America with more than 20m customers.