Peter Thiel-backed digital bank N26 is now Europe's most valuable fintech
- N26, a German fintech startup backed by venture capitalist Peter Thiel, raised $300 million in a series D funding round.
- The latest financing values the company at $2.7 billion.
- The financing comes just 10 months after N26's last funding round and will be used to facilitate the company's expansion into the US market.
N26, a German digital banking company backed by venture capitalist Peter Thiel, is now the most valuable fintech in Europe.
The company on Thursday said it had raised $300 million in a series D funding round that values it $2.7 billion. That's more than red hot $1.7 billion UK-based fintech Revolut.Venture firm Insight Venture Partner is leading the latest funding round alongside Singapore's sovereign wealth fund GIC.
The financing comes just 10 months after N26's last funding round, in which the company raised $160 million from Tencent and Allianz.
Nicolas Kopp, the US chief executive officer of N26, said the fundraising is to facilitate the company's global expansion, including into the US.
Business Insider previously reported that N26 is building a banking product for US customers in the first half of 2019 and is partnering with an unnamed American bank for its offering. The company is aiming to launch a banking app that offers an aggregation of services provided by popular financial apps, like Venmo, Zelle, Mint, and a bank account.
N26 is also looking to launch in other markets after the US, Kopp said. The company has a long-term goal of becoming a global bank and aims to serve 100 million users over the coming years, he said.Launched in January 2015, N26 currently operates in 24 European markets and has tripled its active users to 2.3 million over last year. The company has over 700 employees and has opened a New York office that houses 25 to 30 employees, Kopp said.
N26 is just the latest fintech to raise funding at a hefty valuation. Fintech Plaid just raised funding at a $2.65 valuation.