Challenger bank N26 raises additional €92 million for its Series D funding
Summary
N26 has previously hit the news as Germany’s highest valued startup and one of the world’s most valuable fintechs, and continues to grow at an ever-faster pace, with backing from some of the world’s most well-known venture capital firms. The recently raised funds as part of the startup’s Series D round will be used to accelerate N26’s product development and strengthen its footprint in its core markets, where the demand for mobile banking is higher than ever before. We’ve even seen unprecedented growth in online spending amongst customers above the age of 65 – an important sign that digital banking is becoming increasingly relevant for everyone. Our product teams have responded to this by accelerating new features to market, and will continue to build still more innovative products to help people bank seamlessly and safely on their mobile phones, no matter where they are,” added Maximilian Tayenthal, co-founder of N26, highlighting N26’s 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. 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.