Digital banking on rise: N26 secures €92.3M in Series D funding extension amid COVID-19 pandemic

Digital banking is revolutionising the way we conduct banking. Over the last few years, multiple companies came up with digital banking options, most of which offer new and innovative ways to manage finances. Germany-based N26 is one such company that has made a name for itself in the digital banking space. The startup has now announced securing over € 92.29M in Series D funding extension. 

N26 secures over €92.3M in Series D funding extension

Series D round of funding for N26 commenced back in January 2019. The startup has now announced an extension of it to an overall value of €526M, while maintaining its valuation at €3.23 billion. As mentioned, the company has managed to raise €92.3 million in the latest extension. Overall, N26 has raised close to €739 million in funding rounds and is said to be one of the highest valued and most well-funded fintech companies globally.

“The adoption of digital banking is accelerating as the world adjusts to a new normal. As one of the world’s leading challenger banks, N26 is front and center in this shift, driving global innovation from our base in Europe. With banking from home now more important than ever, we want to make sure that everyone can open a bank account in minutes to explore the freedom and safety of mobile banking,” says Valentin Stalf, co-founder and CEO of N26.

N26 will utilise the fresh funds to accelerate its product development. Furthermore, it will focus on strengthening its services in core markets. 

N26: Digital and easy to use 

Based out of Berlin, Germany, N26 was founded back in 2013 by Valentin Stalf and Maximilian Tayenthal. Currently, the company employs more than 1500 people and has over 5 million customers that span across 25 markets. N26 has offices in Berlin, New York, Barcelona, Vienna, and São Paulo. Some notable investors for the company include US-based firms Insight Venture Partners and Peter Thiel’s Valar Ventures.

Image credits: N26

Stay tuned to Silicon Canals for more European technology news.