N26, a German fintech startup backed by venture capitalist Peter Thiel, raised $300 million in a series D funding round.The financing comes just 10 months after N26's last funding round and will be used to facilitate the company's expansion into the US market.N26, a German digital banking company backed by venture capitalist Peter Thiel, is now the most valuable fintech in Europe.The company on Thursday said it had raised $300 million in a series D funding round that values it $2.7 billion.That's more than red hot $1.7 billion UK-based fintech Revolut.Venture firm Insight Venture Partner is leading the latest funding round alongside Singapore's sovereign wealth fund GIC.
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Digital banking startup N26 has closed the biggest funding round in European fintech in recent years, valuing the Monzo and Revolut challenger at $2.7bn (£2.1bn).The Berlin-based fintech, which offers a current account and debit card through its mobile banking app, has raised $300m in a series D round led by US venture capital firm Insight Venture Partners.Singapore's sovereign wealth fund GIC and other existing investors also participated.It brings N26's total funding to date to more than $500m, with previous backers also including Tencent, Allianz X and entrepreneur Peter Thiel's Valar Ventures.The round beats out competitor Revolut's $250m fundraise in April as the largest closed by a European fintech firm in the age of digital banking.Operating across 24 countries in Europe, N26 said it has more than tripled its customer base in 12 months to reach over 2.3m registered users.
Fintech startup N26 recently launched in the U.K. with a single product offering.You could sign up to a free account that gives you free payments around the world but no insurance and no free withdrawals in foreign currencies.The company just added a second tier to its lineup in the U.K. And N26 is choosing to focus on N26 Metal in the U.K. You can now sign up to a Metal account for £14.90 per month (€16.59).In other N26 markets, people can currently subscribe to N26 Black for €9.90 per month or N26 Metal for €16.90 per month.It’s interesting to see that N26 is using its fresh start in the U.K. to simplify its offering and target premium customers.The startup can still change its mind and launch N26 Black later down the road.
Over half of the 2018 Fintech50 are based in London, as it fights to keep its crown amid increasing competition from startups in cities like Berlin, Dublin, Amsterdam and Warsaw.The city has produced 27 out of Europe's best 'ones to watch', selected from the list's largest ever pool of over 1,800 fintechs across the continent.The panel of judges, which includes innovation and investment specialists from tier-one banks, venture capital investors and global fintechs like Stripe, has also revealed a top five out of the 50 chosen for the first time in the list's history.The top five startups are:Now in its sixth year, the Fintech50 features 23 startups that are new to the list in 2018, including London favourites like challenger bank Starling, pensions robo adviser Pension Bee, and the open-banking platform Bud.These are London's hottest startups in the 2018 Fintech50
Number26, a Peter Thiel-backed mobile banking startup that s setting out to create the bank account of the future, has finally received its banking license, giving the company full regulatory approval to operate across the European Union off its own steam.The company has also announced that it s changing its name to N26.Founded out of Berlin, Germany in 2013 by Maximilian Tayenthal and Valentin Stalf, N26 offers mobile-first bank accounts, similar to BankMobile or Simple in the U.S., that can be opened within eight minutes of applying.Originally only available in Germany and Austria, the service later expanded across the EU into six more markets and today counts more than 200,000 users.The company has only been able to operate so far due to its partnership with Germany-based financial services company Wirecard, which has its own banking license and is regulated in Germany.The new company structure runs roughly like this: the overarching N26 Group is comprised of Number26 GmbH and its fully-owned subsidiary N26 Bank GmbH, the latter of which is what gained the German banking license that enables the company to operate across the European Union.From a branding perspective, the company will simply go under the name N26.Now that N26 has its own banking license, issued by the the Federal Financial Supervisory Authority BaFin and the European Central Bank, the company has more freedom to operate off its own volition and improve the underlying structure and technology across the banking spectrum.The license will enable us to bring additional innovative products to market, starting in the next few weeks, explained Markus Gunter, CEO of the new N26 Bank operation.
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