N26 is an online bank that allows its clients to open accounts only with the help of their smartphones. Using this app, people also can track their expenses, set money aside. Customers do not need to wait for a physical card and start spending.
The investment round was led by Third Point Ventures and Coatue Management. Several already participated investors along with Dragoneer Investment Group also took part in the round. The valuation of the company has rapidly increased since the last Series D round when N26 was valued at $3.5 billion.
N26 was founded in 2013 in Berlin by Valentin Stalf and Maximilian Tayenthal. Up to 2016, N26 work based on the license of its partners – Wirecard and Barzahlen. Then the startup was managed to receive its own license from European Central Bank. In the same year, the account became available for 17 Eurozone countries, then, in 2018, N26 expanded to Great Britain. In a year – to the USA. “The (European) market is still huge so it makes a lot of sense to deepen our investments in those markets,” Valentin Stalf says. As of now, N26’s team consists of more than 1500 people.