The financing—which comes just ten months after a $160 million Series C round, covered by Crunchbase News at the time—brings the company’s post-money valuation to $2.7 billion. New York-based Insight Venture Partners is leading the latest round, which also includes participation from Singapore’s GIC.The company has been previously backed by the likes of Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital. Including the new funding announced today, N26 has raised $512.8 million in VC investment to date.
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According to the company’s statement, the $300 million funding represents “the largest private equity financing round for a fintech company in Europe in recent years.”
N26 was founded in 2013 with the goal to solve the inadequacies of banking in Europe with its free MasterCard debit cards, free checking accounts, and millennial-focused mobile-centric user experience, as my colleague Savannah Dowling wrote last March. It launched its first product in January 2015, and these days claims to be “building the first global mobile bank.”
In the company’s statement, co-founder and CEO Valentin Stalf said N26 aims to help people avoid “bad banking experiences and high fees.”
N26 says it is currently operating in 24 markets across Europe and says it has more than tripled its customer base in the last year to more than 2.3 million customers.
The startup plans to use the latest capital infusion to drive global expansion. Specifically, N26 plans to launch its mobile banking product in the United States in the first half of this year.
For a detailed look at overall funding in the fintech sector, check out Savannah’s piece from last April.
Note: Jason D. Rowley contributed to this piece.
Illustration: Li-Anne Dias