N26 has raised $160m in a Series C funding round co-led by Allianz X and Tencent Holdings Ltd.
The funding will be used by the mobile bank to drive its global growth strategy and international expansion, particularly into the US and UK later this year.
Since its launch in January 2015, N26 has attracted more than 850,000 customers across Europe, and plans to reach more than five million by the end of 2020.
N26 has processed more than €9bn in transaction volume to date, and has a projected volume of more than €13bn in 2018 alone.
Valentin Stalf, CEO and co-founder of N26, said it was very pleased to have Allianz X and Tencent leading the Series C funding round.
“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.”
Solmaz Altin, chief digital officer at the Allianz Group, said that N26 was a clear frontrunner in mobile banking.
“N26's banking platform is modernising traditional business models of financial services, ultimately providing a better customer experience.”
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