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German Challenger Bank N26 Nets $170M In Series D Extension

Today, Berlin-based mobile banking upstart announced that it , extending its Series D round.

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This transaction values the venture at approximately $3.5 billion, post-money, up markedly from the $2.7 billion post-money valuation N26 achieved following 鈥攁 $300 million deal 附近上门 News covered when news broke back in January.

News reports and 附近上门 data suggest this was an inside round, with existing investors contributing to the top-up transaction. These include the likes of -backed , the of German insurance giant Allianz, Chinese internet conglomerate , and Singaporean sovereign wealth fund , .

The capital contracted in this deal brings the company’s total funding to in combined USD and Euro-denominated VC backing.

Since the company’s last round there’s been talk of expansion beyond N26’s beachhead markets in Europe. Last week, the company in the United States. According to the company鈥檚 statement, 鈥淣26 is the first European challenger banking platform to launch in the US.鈥

Europe is home to a number of banking upstarts鈥攍ike , , , and others鈥攕eeking to unseat incumbents by offering slick branding and a more full-featured banking experience mediated through mobile phones. London-based Monzo back in June, though a more feature-complete rollout is slated for later this summer.

In its U.S. launch announcement, N26 said it first opened an office in New York City back in autumn 2017, when the company had approximately 500,000 customers. Last month, it now serves 3.5 million customers worldwide. In addition to its Berlin headquarters, the company maintains offices in New York, S茫o Paulo, Barcelona, and Vienna, collectively employing 1,300 people. N26 said it will use the new funding to continue expanding toward the goal of becoming 鈥渁 global bank.鈥

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