Revolut rival N26 picks up $300m as Europe's most valuable fintech startup

Marco Green
January 11, 2019

The injection of fresh funds into N26, a German start-up, tops the $250 million achieved by its rival Revolut in April a year ago that valued the London-based app at $1.7 billion.

The round, which valued the company at $2.7bn, was led by Insight Venture Partners, with participation from GIC, Singapore's sovereign wealth fund, and several existing investors. It brings N26's total funding to date to more than $500m, with previous backers also including Tencent, Allianz X and entrepreneur Peter Thiel's Valar Ventures.

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.

N26 said it has increased its customer base to 2.3 million, tripling it in the last 12 months.

The money will be used to finance a push into the U.S. that will put N26 into competition with the biggest United States retail banks such as JP Morgan and Bank of America both of which have launched their own mobile-only banking offerings to compete with digital startups.

The company intends to use the proceeds to drive global expansion, starting with the U.S. launch of its mobile banking product in the first half of 2019.

Other reports by Click Lancashire

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