N26, a Berlin-based fintech startup, said it raised $300 million in Series D financing led by New York-based Insight Venture Partners and will use part of the proceeds to help expand its mobile banking operations to the U.S. during the first half of 2019, according to a company release.
The company said the new investment represents one of the largest private fundraising rounds for a fintech in recent years in Europe.
The fintech has raised more than $500 million to date, with investors including Tencent, Allianz X, billionaire Peter Thiel’s Valar Ventures, Hong Kong billionaire Li-Ka Shing’s Horizons Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital. Besides Insight Venture, the current round of investors includes Singapore’s sovereign wealth fund GIC and several existing investors.
The company, which operates in 24 European markets, said it has expanded its customer base to 2.3 million over the past 12 months. The company said it aims to have more than 100 million customers within the next few years.
“Around the world, people still suffer from bad banking experiences and high fees,” N26 co-founder and CEO Valentin Stalf said in the announcement. “With Insight Venture Partners and GIC joining our renowned group of existing investors, N26 has the support of the best investors globally to disrupt one of the largest industries in the world.”
N27 launched in 2013, and announced in October 2017 during the Money 2020 Conference in Las Vegas that it would enter the U.S. by 2018. Nicolas Kopp, who joined the firm in 2015 as head of business development and operations, is chief executive of the U.S. operation, which is based in New York. He previously spent five years in investment banking at Morgan Stanley in the company’s New York and Hong Kong offices.
A spokesperson for N26 was not immediately available for comment.
This article provided by NewsEdge.