Allianz X and Tencent Holdings have co-led European mobile bank N26’s $160 million series C funding round, and have joined its Board of Directors alongside other notable investors.
The funding will be used primarily for N26’s overall growth strategy and international expansion, particularly throughout the U.S. and UK.
Solmaz Altin, Chief Digital Officer of the Allianz Group, said: “N26 is a clear frontrunner in mobile banking.
“N26’s banking platform is modernizing traditional business models of financial services, ultimately providing a better customer experience.”
Valentin Stalf, Chief Executive Officer (CEO) and co-founder of N26, said: “We are very pleased to have Allianz X and Tencent leading our Series C. Not only are they powerhouses in their respective fields of financial and internet services, but they also understand the power of intelligent technology and design to disrupt industries.”
N26 offers retail banking products and financial services in an easy and transparent platform built bottom-up for the smartphone.
Since launching in January 2015, N26 has gained over 850,000 customers across 17 European markets.
Dr. Nazim Cetin, CEO of Allianz X, commented: “Our strategic investment will further strengthen our existing relationship with N26, which started with Allianz Partners in 2016.
“We see multifaceted links to build up a strong partnership between N26 and the broader Allianz Group.”
The funding round includes contributions from additional investors, including existing shareholders and in addition to supporting international expansion, it will go to support product development for existing markets and the implementation of artificial intelligence to make N26’s banking experience smarter and more personalized.
“We are excited about this investment and are looking forward tosupporting the talented team of N26. This step fits very well with our digital strategy and will help us to better understand how to simplify processes and products,“ said Klaus-Peter Röhler, CEO of Allianz Deutschland.
N26 has processed over nine billion Euros in transaction volume to date, with a projected volume of more than 13 billion Euros in 2018 alone.
The banking platform aims to reach more than five million customers by the end of 2020.
