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Vandana Malik
May 5, 2020
by Vandana Malik

N26 Completes Series D Funding Round by Raising $100M

N26
N26 which is a digital bank based in Germany has just completed its Series D funding round which it announced back in 2019. In this round, the bank is able to add $100 million more to its funding which has now reached a total of $570 million in this round.

It has been revealed that till now, it is able to raise a total of $770 million and is now valued at $3.5 billion. Valentin Stalf, CEO of N26 has said that this has been a great success for the firm amid the current volatility in the market due to COVID-19 pandemic.

N26 to use extra capital to deal with COVID-19 crisis

N26 is looking towards its further expansion and wants to collaborate with a top digital banking provider based in Europe. Stalf has also pointed out that even though the ATMs of the company are seeing a decline, the e-commerce platform has seen a huge upsurge amid this crisis over the past few weeks. As the government's across the world have advised the people to stay at home, banking from the home activity is increasing rapidly.

It has also been revealed that the bank aims towards using the extra capital in order to deal with the crisis for the next 2-3 years. Even though there has been a huge upsurge in the e-commerce activity, it has also been noticed that there is a decline in growth of the registered users on the platform.

Entry into Latin America’s market

N26 has also revealed that it is also aiming towards entering into Latin America’s market along with the re-entry into the British market. Back in 2018, the company was launched in the U.K. but was closed after 18 months. In Europe, it is among those fintech startups that offer online banking service across Europe. A lot of crypto traders are looking towards the firm as a crypto-friendly enterprise.

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    N26 Completes Series D Funding Round by Raising $100M
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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