With a valuation of 3.5 billion euros in its latest financing round, the mobile bank N26 is now the most valuable German start-up. At the same time, the company expanded the financing round from 300 to 470 million dollars (around 419 million euros). The money is to be used for international expansion, the expansion of the team and product innovations, N26 announced on Thursday.
The online bank is currently embarking on a major project with its launch in the US market and is also aiming to expand into Brazil. "Our hypothesis is that what worked in Europe will also work in the US and Brazil," said co-founder and CFO Maximilian Tayenthal. N26 wants to enter one or two new markets a year. In the United States, there are already around 100,000 interested parties on the waiting list.
With the new injection of money, N26 has now raised more than 670 million dollars from investors. "Our vision is to change private client banking worldwide. This is a vision that requires a lot of money," Tayenthal told dpa. He assumes that there will be further financing rounds.
N26 had attracted negative headlines in recent months because users had complained that the customer service was hard to reach. According to the latest information, the company's customer service division has now expanded from 120 employees last year to 400 internal employees and 400 external employees.
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