Operating as a new generation mobile bank, Berlin-based N26 has raised more than $900 million Series E funding round led by Third Point Ventures and Coatue Management. Dragoneer Investment Group and N26’s existing investors participated in the round, which carried the company’s valuation to over $9 billion.
Offering bank accounts and debit cards that can be controlled from a mobile app, N26 offers membership options such as N26 Smart, N26 You and N26 Metal.
The company, which currently operates in Central Europe, plans to expand to Eastern Europe during 2022. It plans to launch its platform in Brazil, the company says.
N26 serves more than 7 million users in 25 countries and it is on track to process $90 billion in trading volume in 2021. The company wants to add more products to its platform with the new funding round. It also plans to increase staff strength with 1000 team members globally, focusing on product, technology and cybersecurity.
“It gives us a lot of time over the next three to four years to line up for an IPO,” co-founder and CEO Valentin Stalf said in an interview. N26 also plans to hire 1,000 people “as soon as possible.”