N26 provides a user-friendly digital alternative to traditional banking
N26 announced an extension of its Series D funding round to $570M, with a further increase of more than $100M. Today at a valuation of $3.5B, the challenger bank is one of the highest valued and most well-funded FinTech companies globally.
The funds will be used to accelerate N26’s product development and strengthen its footprint in its 24 European markets and the US, where the demand for mobile banking is higher than ever before. The Mobile Bank is also laying the groundwork for its next market entry and is in the process of applying for a local FinTech license in Brazil.
"The adoption of digital banking is accelerating as the world adjusts to a new normal. As one of the world’s leading challenger banks, N26 is front and center in this shift." - Valentin Stalf, co-founder and CEO of N26.
In the wake of the COVID19 crisis more and more people are embracing banking from home, move away from cash, and towards contactless payments and e-commerce.
Unprecedented growth in online spending amongst customers above the age of 65 has been seen, which is an important sign that digital banking is becoming increasingly relevant for everyone. N26 responds to these changes with a new instant banking feature that allows customers to add a digital version of a new card to their mobile wallet giving them immediate access to contactless payments, even without a physical card.
With 5 million customers today, N26 is just at the beginning of their journey to transform the face of banking globally and are continuing to build the bank the world loves to use.
For more information read the N26 press release, the article on TechCrunch.