N26 raises record $160m round from Tencent and Allianzby Company Announcement March 21, 2018
In one of the biggest Venture Capital rounds in European FinTech to date, N26 has just raised $160m from Allianz, Tencent and existing investors. N26 is one of the fastest growing banks and their cutting-edge mobile offering allows customers to run all banking activities conveniently from their smartphones.
Having Allianz and Tencent on board adds a wealth of expertise to help N26 to become a leader in mobile banking. Allianz is one of the world’s largest asset management and leading insurance firms, representing one of the most trusted financial brands.
Tencent is a digital powerhouse and market leader in social media, gaming, e-commerce, and mobile payments in China. Its flagship product WeChat now has over one billion active monthly users.
Together with the milestone of this substantial funding round, N26 also announced a record number of customers: N26 now has more than 850’000 customers, up from 500’000 in August 2017, just a few months ago.
The proceeds of the funding round will be used to fuel ambitious growth plans. A further international expansion is on the agenda, in particular, US and UK, where the company is planning to start later this year. In addition, true to the N26 mission, the new funding also means a big investment in the product. To make banking even smarter, easier and more personalized for all customers, more artificial intelligence will be used in the product.
Redalpine is a seed investor in N26.
this Press Releaese is from the Swiss VC Redalpine