Fintech company N26 from Germany, one of Revolut’s competitors, has announced that it had raised USD 300 million from investors in a new round of funding, which has taken its valuation at USD 2.7 billion, CNBC reports.
According to data from CB Insights, only six other private European firms have a market value higher than N26’s: Global Switch, Roivant Sciences, Auto1 Group, Ottobock, The Hut Group and BGL Group.
The latest funding round was led by US private equity firm Insight Venture Partners and backed by Singapore’s sovereign wealth fund GIC. Other funding partners include Tencent, Allianz and PayPal co-founder Peter Thiel’s Valar Ventures.
N26 is a mobile bank app that is currently available in 24 European countries. The company said it would use its new funds to prepare for a global expansion. N26 offers a mobile app and a debit card but no physical bank branches, similarly to companies like Revolut, Monzo, Starling or Atom.
The app has over 2 million users and hopes to reach 10 million globally “within the next couple of years”.