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.
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.
Today we announced an extension of our Series D funding of more than $ 100 million to a total of $ 570 million. At a time when digital banking is more relevant than ever, @ N26 is fully focused on banking transformation – and it’s great to have the continued support of all of our investors along the way.
– Valentin Stalf (@valentinstalf) May 5, 2020
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