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Neobank N26 raises more than $ 100 million and extends its financing round

May 5, 2020

N26 is the name of the German Neobank, which has raised more than $ 100 million ($ 92 million) in expanding its Series D financing round, which has exceeded $ 570 million (about $ 525 million) ). This was reported by Bolsamanía on May 5th.

Bolsamania’s article states: Upon completion of this third tranche, which was provided by major investors, Fintech’s capital will increase to nearly $ 800 million (737 million euros). The valuation is $ 3,500 million.

“”These funds are used to accelerate the development of N26 products.with a special focus on the “Premium You” and “Metal” accounts and strengthening the presence in the main markets, including Spain, France, Germany and Italy, “they explained in the publication.

Neobank N26 raises more than $ 100 million and extends its financing roundNeobank N26 raises more than $ 100 million and extends its financing round

N26 expects a long-term change in the introduction of digital banking in general. This also has to do with the habit changes of the Covid-19.Francisco Sierra, CEO of N26 for Spain, said: “In the past month, many people have turned from cash to ‘contactless’ payments and e-commerce.” On the other hand, the growth of online shopping for people over 55 was also highlighted.

James Fitzgerald of the venture capital fund Valar Ventures said: “In these turbulent times, digital banking is no longer part of the future, but part of everyday reality. This expansion will help a well-funded and successful company to take the lead.” At a time when people are getting into digital banking more than ever. “

Statements by Valentin Stalf

Via his Twitter account, The company’s CEO, Valentin Stalf, shared the news and also stressed that N26 is a company focused on transforming banking.

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