Now the N26 fintech is worth more than the second largest bank in Germany

Now the N26 fintech is worth more than the second largest bank in Germany

After a 900 million investment round, it has reached a valuation of 9 billion and surpasses Commerzbank. But it is wearing the financial authorities of Berlin

The N26 app (photo Thomas Trutschel / Photothek via Getty Images) The German digital bank N26, has announced the closure of a series E financing round of over 900 million dollars , the largest funding round ever concluded for a mobile bank in Europe. This transaction raised the company's valuation to over $ 9 billion, nearly tripling its price in just over two years and taking it to the top of fintechs in Germany, among the top 20 in the world and just above the second. Germany's largest bank, Commerzbank.

The round of financing was led by the investment groups Third point ventures and Coatue Management, with the participation of Dragoneer investment group and other existing investors. The company said it will use the new funds to expand its mobile banking offering and global team. Over the next few years N26 aims to hire 1,000 new employees, including technology and cybersecurity specialists.

N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal and currently has 7 million customers in 25 markets, including most of them in Europe, particularly in Paris and Berlin. On the strength of the new investment, the bank also plans to expand in Eastern Europe and Brazil, while it is already active in the United States, where however customers must sign up for a waiting list before being able to open an account.

Despite its success, N26 is not free from some problems. In fact, at the beginning of this year he received a fine of 4.25 million euros from the German financial market regulator BaFin for failing in anti-money laundering controls. Already from 2016 to today, N26 had been urged three times by BaFin to increase its anti-money laundering measures.

Following the fine, the company announced that it had invested heavily in "regulatory issues in last 18 months ”, reads on Techcrunch which reports an interview with the founder Stalf. N26 and BaFin have reached an agreement to temporarily limit new registrations to a maximum of 70,000 customers at the canteen. If the regulator verifies N26's good work in complying with its anti-money laundering obligations and customer due diligence policies, these restrictions will be removed in no time.

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