German mobile bank N26 has added a further $170m (£136.67m) to its Series D funding round to take its valuation to $3.5bn (£2.81bn).
In January 2019, N26 raised $300m (£241.19m) in the Series D funding round, which has now yielded a total of $470m (£377.86m) following the extended capital. The mobile bank said that all previous investors who had taken part then have extended their investment.
The Series D funding round is led by US private equity firm Insight Venture Partners with the other investors being Singapore’s sovereign wealth fund GIC, Tencent, Allianz X, Valar Ventures, Greyhound Capital, and Earlybird Venture Capital.
N26 co-founder Maximilian Tayenthal said: “Once again, our investors have placed their trust in us. This will allow us to accelerate our global expansion. The further increase in valuation is a great testament to the company’s development over the last months.”
To date, the mobile bank had secured more than $670m (£538.65m) investment.
The startup plans to utilise the additional funds to expand into Europe, the US, and Brazil apart from investing in innovative new features.
Recently, it relaunched N26 You, a premium membership offering, and has plans to launch Shared Spaces, which will allow customers to create sub-accounts within the mobile bank and share them with a maximum of 10 people.
The banking startup, which also intends to continue investing in organisational and structural growth, claims to have tripled its staff count to more than 1,300 within the last 12 months.
Launched in 2015, N26 claims to serve over 3.5 million customers across 24 European markets, while processing 16 million transactions per month.
Valar Ventures general partner James Fitzgerald said: “The notion that the best consumer startups are all born in Silicon Valley is increasingly outdated. N26 is a prime example of digital innovation moving in the opposite direction, from Europe to the US and beyond.
“We see customers all around the world waiting for banking to change and are thankful to support N26 on their journey to transform retail banking globally.”