Digital bank raises $300m as it plans assault on U.S. market

TechCrunch Disrupt Berlin 2018- Day 2

In the battle of N26 versus Revolut for ground in Europe and the US who will come out on top

The injection of fresh funds into N26, a German start-up, tops the $250 million achieved by its rival Revolut in April previous year that valued the London-based app at $1.7 billion. It also makes N26 the second most highly valued digital startup bank globally behind Brazil's Nubank.

Singapore's sovereign wealth fund GIC and other existing investors also participated.

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Co-founder and chief executive Valentin Stalf has predicted that the company will acquire a million customers in the USA within 12 to 24 months, citing the 2.3 million customers it has attracted thus far across 24 European markets.

N26 has to date raised more than US$500 million from major global investors including Tencent, Allianz X, Li Ka-Shing's Horizons Ventures, Peter Thiel's Valar Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital. The digital bank launched in the United Kingdom in October previous year.

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Chief executive Valentin Stalf said the banking challenger hopes to use the expertise of its newest investors and the proceeds of the funding round "to disrupt one of the largest industries in the world".

N26 is using the new funds to launch its U.S. expansion in the first half of 2019.

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