Globally recognised as a hot investment sector, FinTech is one of the fastest-growing areas for venture capitalists. In a recent development, N26, a leading mobile banking startup raised another $170 million (€150 million), an extension of its Series D funding round to $470 million and now the company’s valuation has reached $3.5 billion, giving it the top position in the list of the most valued German startups.
The funding was led by Insight Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, Peter Thiel’s Valar Ventures, Earlybird Venture Capital, and Greyhound Capital. To date, the Berlin-based mobile banking platform has raised more than $670 million. The company will use the additional funds to drive expansion in Europe, the US, and Brazil. Founded by Maximilian Tayenthal and Valentin Stalf, the company will also invest in innovative new features.