N26 has become Europe’s most valuable fintech start-up

N26, the German digital bank, has become Europe’s most valuable financial technology start-up after raising $300 million to fund international expansion. The investment values the Berlin-based online lender at $2.7 billion, about three times the valuation achieved at its last fundraising less than a year ago… On top of an “aggressive” expansion in the US, via a partnership with an unnamed US bank, the company is considering further moves into several South American and Asian countries… N26 operates in 24 European markets, including most recently the UK after a high-profile launch last October… It is one of a wave of new digitally focused banks to spring up in the past few years, alongside rivals such as Monzo and Revolut in the UK… The company, which takes its name from its original address, already offers overdrafts and consumer loans in several countries including Germany and France, and has plans to roll out similar products in the UK in the coming weeks… The latest fundraising was led by Insight Venture Partners of New York and GIC, the Singaporean sovereign wealth fund. They join existing backers including Tencent, Allianz and Li Kashing’s Horizons Ventures… The $300 million it has raised is the biggest European fintech investment round on record.
Nicholas Megaw