German mobile banking start-up N26 announced that it has closed its Series C round to obtain additional funding of USD 160 million. The Berlin-based start-up said this latest round of financing is a record for the German fintech industry and brings its total funding to date to USD 215 million. The latest funding round was led by the asset management and insurance firm Allianz X and the Chinese tech firm Tencent.
N26 said the funding will be used to further N26's overall growth and international expansion into the US and UK later this year as well as product development for existing markets. N26 also said it now has over 850,000 customers, up from 500,000 in August 2017, and is aiming to reach over 5 million customers by the end of 2020. The company has processed over EUR 9 billion in transaction volume to date and is expecting to process EUR 13 billion in transactions in 2018 alone.
