The Tencent and Allianz-backed digital bank raised the funding at a $9bn valuation in a Third Point Ventures-led round.
Germany-based digital bank N26, which counts internet group Tencent and insurance provider Allianz as backers, raised over $900m in series E funding yesterday, at a valuation of more than $9bn post-money.
Third Point Ventures, the venture Capital arm of investment adviser Third Point, led the round and was joined by Coatue Management, Dragoneer Investment Group and unnamed existing investors.
N26 operates a mobile bank through an app which offers fee-free card payments around the globe and push notifications for transactions. It is currently on track to process $90bn in transaction volume for 2021 and is planning to hire 1,000 new staff.
The company closed its series D round at $570m in May 2020, adding $100m from unnamed investors to earlier funding from Allianz subsidiary Allianz X, Tencent, growth equity firm Insight Partners, Singaporean sovereign wealth fund GIC and unnamed existing investors.
Tencent and Allianz X had previously co-led a…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
