It was nines are wild for N26, as the Berlin-based neo-bank announced it had raised additional USD 900 million in fresh capital to take its total value to approximately USD 9 billion. That would make it, according to August 2021 figures compiled by data organization Statista, the fourth largest fintech in Europe and the second largest in the EU.
N26 said that its total USD 1.8 billion Series E financing round was the biggest ever for a bank in Europe.
“This financing round shows how much retail banking has changed in recent years and puts us in an excellent position to become one of the largest retail banks in Europe in years to come – completely digitally and without any physical branches,” said N26 CEO and co-founder Valentin Stalf in a statement.
The challenger bank boasts more than seven million customers worldwide, USD 210 billion in transaction volume and 60 percent annual revenue growth. In January 2021, it was named the world’s best bank by Forbes magazine.
N26 also said that to maintain standards it had agreed with German regulators to temporarily restrict its number of new customers to between 50,000 and 70,000. It added that short-term customer waiting lists could be instituted for its products.