Digital-only bank platform N26 announced on Monday it secured more than $100 million through its extended Series D funding round, bringing its total amount raised through the investment to $570 million.
Founded in 2013 and launched in early 2015, N26 claims it is building the first mobile bank that the world loves to use. More than 5 million customers in 25 markets have generated over €2 billion in monthly transaction volume through its platform. N26 currently operates in: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the U.S. Speaking about the investment round, the N26 team stated:
“To this day, we’ve reached over 5 million customers, maintained our valuation at $3.5 billion and raised almost $800 million. And although we couldn’t be more proud of our achievements and how far we’ve come, as always, we know that there’s still a lot of work to be done and plenty of ground to cover.”
The N26 team also revealed that the latest investment round’s funding will go towards propelling the banking platform by helping to develop even more products and features that will help customers manage their money.
🎉We’re excited to announce an extension of our Series D funding with a further $100 million! Thank you to everyone for your continued support, we wouldn’t be here without you.
What does this mean for our future? Find out more:https://t.co/ozOiOSGP48
— N26 (@n26) May 5, 2020
The investment round’s success comes nearly three months after N26 announced its departure from the UK following Brexit. The digital-only bank reported that due to the UK’s official European Union exit, it will no longer be able to operate in the UK with its European banking license.
“We want to take this opportunity to thank all our UK customers for believing in our vision to build the bank the world loves to use. Our determination to transform the global banking industry for the better remains stronger than ever. We started our journey with the goal to redefine standards in an industry that was consistently failing customers. For many, banking still continues to be slow, tedious, and full of paperwork. Our promise is simple. A 100% digital banking experience that’s fair, transparent and centered around you.”
N26 shut down its services in the UK on April 15th.