German mobile bank N26 has secured €110 million during its Series C funding round, which was co-led by Allianz X, the digital investment unit of Allianz Group, and Tencent Holdings Ltd., a provider of internet value-added services in China. This news comes nearly six months after the bank announced plans to launch in the U.S. Founded in 2013 by Valentin Stalf and Maximilian Tayenthal, N26 claims to be Europe’s first mobile bank with a full European banking license. The company reports it has “redesigned” banking for the smartphone, making it “simple, fast, and contemporary.” Speaking about the funding round, Stalf stated:
“We are very pleased to have Allianz X and Tencent leading our Series C. Not only are they powerhouses in their respective fields of financial and internet services, but they also understand the power of intelligent technology and design to disrupt industries.”
Solmaz Altin, Chief Digital Officer of the Allianz Group, also commented:
“N26 is a clear frontrunner in mobile banking. N26’s banking platform is modernizing traditional business models of financial services, ultimately providing a better customer experience.”
Lin Haifeng, Managing Partner, Tencent Investment of Tencent Holdings Limited, added:
“As a pioneer of the mobile banking industry in Europe, N26 is committed to offering their customers a more convenient and cost-efficient banking experience. We see the increasing demand of digital banking products and services in the European markets and we are delighted to be a strategic investor of N26 to build a long-term partnership and participate in their growth.”
N26 now operates in seventeen counties, which are Austria, Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, and Spain. Its banking service is also available for Android, iOS, and desktop. The funding from the Series C round will be used toward N26’s overall growth strategy and international expansion, particularly into the US and UK later this year. It also will support product development for existing markets.