N26 raises $160 million
Written by Mark Evans
Mobile bank N26 has raised $160 million in a funding round co-led by Allianz X, the digital investment unit of Allianz Group, and Chinese giant Tencent Holdings. The funding represents the largest German equity financing round (non IPO) in the fintech industry and will be used to accelerate N26’s global growth strategy and international expansion, particularly into the US and UK later this year.
It also will support product development for existing markets as N26 wants to use artificial intelligence in increase customer service.
Since launching in 2015 N26 has acquired 850.000 customers, and has a goal to reach more than 5 million by the end of 2020. N26 has processed over 9 billion euros in transaction volume to date, with a projected volume of more than 13 billion euros in 2018.