N26 raises €110m and eyes US expansion
N26 runs on Mambu’s core banking tech
German mobile challenger bank N26 has closed a €110 million Series C funding round as it seeks to consolidate its presence in Europe and expand to the US.
The new funding round was led by Tencent and Allianz and some of N26’s existing investors – and it brings the total raised to over €160 million. N26 says its launch in the US is expected in June with over eight people employed in its NYC office. The funds will also be used to grow its team in Berlin, which currently stands at 400.
CEO and co-founder Valentine Stalf made the announcement about the funding round internally last week, notifying all employees that “we’re now ready to expand and dominate the US”.
According to the source, the company’s efforts have been turned towards the expansion since September 2017 and is seen as its “highest priority”.
In fact, back in October, N26 said on its website that it will be available in the US starting mid-2018.
Investors in the latest round include both US and European investors, who will be revealed in the official announcement from N26 that is expected within the next ten days.
The bank has been doing fairly well – as reported last year it was planning to enter the UK market in the first half of 2018.
The source adds that N26 has signed up over one million customers since its inception. N26 says it is growing by 5,000 customers per day.
The bank was founded in 2013 by Stalf and Maximilian Tayenthal.
For its core processing technology, N26 uses Mambu’s core banking system, provided on a hosted basis.
