Digital Banking

May, 2018

The German mobile bank N26 recently raised USD 160 million in a funding round led by the Allianz Group and China’s Tencent Holdings Ltd. This brought the total amount of funds raised by the Berlin-based digital bank to USD 215 million, setting a record for Germany’s fintech sector. N26 offers a package of smartphone-based banking services, including travel insurance, theft protection and low-cost international money transfers in cooperation with the UK-based company TransferWise. Launched in 2015, N26 now operates in 17 European countries and has 850,000 customers. It will reportedly use the funds to expand internationally in 2018, particularly to the United States and the United Kingdom.