German online bank N26 scores record ‘fintech’ funding

FRANKFURT AM MAIN (AFP) – German online bank N26 said yesterday it had raised USD300 million to fund its launch in the United States, which gives the firm a valuation of USD2.7 billion.

The fundraising round was the biggest ever for a German “fintech” or financial technology firm, business daily Handelsblatt reported.

It also made N26 the nation’s first fintech “unicorn” – or privately-owned technology firm worth more than USD1 billion. The cash infusion came in large part from US venture capital firm Insight Venture Partners and Singapore sovereign wealth fund GIC, the bank said in a statement. With around 2.3 million customers in 24 European countries, N26 says its goal is to become “the first global mobile bank”.