N26 Secures $100M Extension Round
May 5, 2020
has secured an extension to its Series D
funding round to $570M, with a further
increase of more than $100M coming from all
of the company’s major investors solidifying
their commitment to N26’s long term mission.
To date, N26 has raised close to $800M,
keeping its valuation at $3.5B. N26 GmbH
remains 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 core markets, where the
demand for mobile banking is higher than
“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. We are fully committed to
spearheading digital innovation globally,
creating world-class mobile banking
solutions for all our customers around the
world,” said Valentin Stalf, co-founder and
CEO of N26.
The extension underscores the strong
commitment from N26’s investor base to its
long-term vision to build a mobile banking
platform the world loves to use.
“In these turbulent times, digital banking
is no longer a thing of the future, but a
part of everyday reality. With 5 million
users, and 250 thousand in the U.S., N26 is
just at the beginning of its journey to
transform the face of banking globally. This
funding extension will help an already
well-funded and successful business take the
lead at a time when people are embracing
digital banking more than ever,” said James
Fitzgerald from Peter Thiel’s Valar
With changes in consumer spending, banking
habits and attitudes towards saving in the
wake of the COVID-19 crisis, the company is
expecting a long-term shift to digital
banking adoption overall as people continue
to do their banking digitally once the
the last month, we’ve seen many people
moving away from cash towards contactless
payments and e-commerce. We are also
encouraged to see that many of our U.S.
users are putting their salaries into their
N26 accounts, signaling that N26 is serving
as a primary banking solution for them,”
said Nicolas Kopp, U.S. CEO.
A few product features that are resonating
with the US market include our Apple Pay
integration, the ability for our customers
to get their pay check up to 2 days earlier
with direct deposit, an ATM locator maps
found directly in the app that show
customers where to withdraw money without
fees, and Spaces sub-accounts that help
customers save for their goals.
Customers also enjoy cashback offers and
exclusive discounts with music, fitness,
meditation and lifestyle brands as part of
the N26 perks program in the spirit of
helping people live life to the fullest.
In the coming months, N26 will continue to
invest in growing its presence across Europe
and the US. In the US, the company launched
last August and announced in February that
it had acquired 250 thousand customers in a
short 5 months.