N26 formalizes an extension of his previous fundraising. In this period of crisis, investors renew their confidence in the neo-bank.
Yesterday, we were talking about the difficulties of the nugget German N26 which has the resolve to put 10% of its workforce in partial unemployment. Today, the neo-bank seems to be flourishing in announcing an extension of its latest fundraising (Series D) for a valuation remains to be $ 3.5 billion.
$ 570 million
With an additional $ 100 million, this round table was initiated in 2019 amounted to $ 570 million. It is more that the mega-table tour of its rival, Revolut, which allowed him to raise $ 500 million last February.
In this period of crisis, N26, however, takes a maximum of precautions in order to spend wisely the money raised in the year 2019, and ” last as long as possible “ in the words of Georg Hauer, head of the German-speaking markets.
In its press release, N26 states that ” this extension of more than$ 100 million will continue to sit the position and the advance of Mobile banking in the digital era “. Jeremiah Rosselli admitted there still are a few hours that this model of ” online banking is becoming obvious to many “, and that N26 is the solution to transform the sector.
“At the beginning of its history “
The neo-bank is pleased to have had the support of ” all major investors “ who have given the hand to the portfolio to support the fintech in its project. James Fitzgerald, General Partner at Valar Ventures, recalls with ” 5 million customers to this day, N26 is at the beginning of its history leading to the transformation of the banking industry in the world “.
While consumer spending have fallen heavily since the beginning of the health crisis, N26, like many other neo-banks, sees its business model for private banking. The neo-bank notes, however, some positives to this situation, recalling that the number of people who open a account with the N26 has not dropped drastically – and that the average age has increased. Moreover, ” during the last month, we have seen people move away from cash and turning to the payment without contact, and online purchasing “, says Jeremiah Rosselli.
While Revolut uses officially its full banking license in Lithuania (with plans to expand its range of products with credits), it would not be surprising to see N26 do the same in the years to come. On her blog, she reminds us that she wants to ” develop features and products always more innovative and intuitive “ to facilitate the wealth management of its customers.