N26 valued at $3.5bn after $470m raise

German digital bank N26 has seen its valuation climb to $3.5 billion after extending a Series D funding round to $470 million.

The Berlin-based mobile bank, which launched in the UK in October, has added a further $170 million into its coffers as it prepares to launch its services in the US over the summer. The extension is a bolt on to a $300 million raise in January.

The round was led by existing investors, including Insight Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, Peter Thiel’s Valar Ventures, Earlybird Venture Capital and Greyhound Capital.

The $3.5 billion valuation means the challenger now ranks as one of the top ten most valuable FinTechs worldwide and brings N26’s total funding to more than $670 million since it launched in 2015.

It will use the additional funds to drive expansion in Europe, the US, and Brazil. The company claims to have amassed more than 3.5 million customers in 24 markets across Europe.

Maximilian Tayenthal, N26 co-founder, said: “This will allow us to accelerate our global expansion – the further increase in valuation is a great testament to the company’s development over the last months.”

N26 also plans to continue investing in organisational and structural growth. Within the last 12 months, N26 has tripled its workforce to more than 1,300 employees and will continue hiring for its locations in Berlin, New York, Barcelona, Vienna and São Paulo.

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