By Daniel Lanyon on Tuesday 19 October 2021
N26 says it has more than seven million customers in 25 countries and plans to grow staff by 1,000 team members globally, with a focus on product, technology and cybersecurity
Global neobank N26 has a vast and record-breaking new round of funding of more than $900m, valuing the company - which was founded just eight years ago - at more than $9bn.
The Series E funding round is the largest financing round to date for a digital bank in Europe, with the Berlin-based company now the highest valued fintech in Germany, and ranked in the top 20 fintechs in the world.
The company is set for a global hiring spree following the round with plans to bring on board 1,000 new team members in the coming years, with a particular focus on the areas of product, technology and cybersecurity.
It also says that it will also move to significantly expand its employee equity pool to include all of its employees.
Maximilian Tayenthal, Co-CEO and co-founder of N26: “It is hugely important to us that we can share the success of N26 with our employees. Without them, we would not be the company we are today.”
New York-based Third Point Ventures and Coatue Management led the round which also saw Spotify investor Dragoneer Investment Group join alongside N26’s existing investors.
Valentin Stalf, CEO and co-Founder of N26: “This recent financing round solidifies the fact that retail banking as we know it has changed. With our fresh capital, we are in pole position to become one of the biggest retail banks in Europe, all without a single branch.”
New customers, however, may find themselves on a waitlist.
N26 has agreed with the German regulator Bafin to temporarily onboard a maximum of 50,000 - 70,000 customers per month.
21 March 2023
Daniel Lanyon