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Home / Business / N26, the bank start-up company, raises another $ 170 million for a $ 3.5 billion valuation – TechCrunch

N26, the bank start-up company, raises another $ 170 million for a $ 3.5 billion valuation – TechCrunch



The fintech startup N26 collects 170 million US dollars a few months after 300 million US dollars. Although technically structured as a new round, the company sees today's refinancing as an extension of the Series D round.

N26 has reached only existing investors. All investors in the Series D round are investing again, as are some investors who have been around for a while. These include Insight Venture Partners, GIC, Tencent, Allianz X, Peter Thiel's Valar Ventures, Earlybird Venture Capital and Greyhound Capital.

Only existing investors were involved. We did not go outside, as it was pretty fast after the round we did earlier this year, "co-founder and CEO Valentin Stalf told me. "But I think it's a good testament to the company's development in recent months."

With this new cash inflow, N26 has now reached a $ 3.5 billion post-money valuation. The company has raised a total of $ 670 million. And N26 says that it is now the highest rated German startup and one of the highest rated fintech startups in the world .

N26 has set up a retail bank that works better. The company allows you to sign in from your phone, receive a card that you can control from your phone, and make purchases worldwide without incurring a foreign fee. And the company has managed to attract 3.5 million customers across Europe.

Recently, N26 launched its Challenge Bank in the US. The company plans to expand to Brazil in the coming months and introduce more products to simplify management money. Many features will be based on spaces. These are subaccounts that allow you to divide your money into multiple pools and then share spaces with other people.

I talked with Valentin Stalf, co-founder and CEO of N26, about the future of N26. Here is our interview, which has been edited for the sake of clarity and brevity.

TechCrunch: You already announced N26 You. What is behind it?

Valentin Stalf: We started yesterday or the day before yesterday. There are different card colors and we differentiate our Premium Tier [N26 Metal] a bit more from the middle tier [N26 You]. I think it was a bit similar.

But now N26 You is more individual. And then, in a few weeks, we'll be ready to roll out additional cards for an account. They can have different colors. And then, with Spaces, we try to create the most flexible bank account to live according to your wishes.

And then in the next quarter, we'll be doing an app update with a transactional timeline.

TC: Does that mean that people get multiple cards because of the new colors and attach a card to a box, for example?

Stalf: In the end, you can attach the cards freely in different places. It's not even that important to attach a card to a field. Sometimes people want to have multiple cards. However, if you only use one card, you can swap one transaction to another.

TC: What does it mean for Metal customers if you now take advantage of N26 Metal on N26 You? Do you get only one other card?

Stalf: I think with Metal we're going more and more in the premium direction.

We have already mentioned that Relaunch of our insurance packages. The new package is based on travel but also on mobility. You will have a lot of things in the mobility sector, including scooter driving.

TC: Let's talk about the product. You talked about shared spaces and several cards. There is a redesign that will be released in the next few months. What will it look like?

Stalf: The app update we are making is not just a design update from The front-end is really an update of the way we do it Talk to our customers and how we present transactions. We'll change what you see in the app timeline.

We want to give you more context and can not make it smarter. We integrate customer support interactions, we integrate transactions that did not work … These functions are started over time.

We start the infrastructure and then the individual functions. For example, you can launch a customer service interaction directly from a transaction directly into live chat.

And this interaction is provided along with shared spaces. It's also something that has to be intelligently reflected in the timeline. Some of the transactions that may appear in your timeline may not be executed by you, but by someone else.

Depending on what transaction you perform, we'll move more details directly into the timeline, whichever we think is important. Suppose it is a transaction in a new country. You may want to see the exchange rate directly in the timeline. If it's a rental and you send the same amount every month, you do not have to show any more details. It just has to be rent ̵

1; okay, okay.

TC: What did you promise when you collected more money? New countries, user numbers, improved monthly transaction volume?

Stalf: We have the opportunity to build a bank with more than 50 million users around the world. Today we have only 3.5 million users, but we are accelerating.

From a country perspective, we have already agreed to travel to Brazil. There is no plan for Brazil. Let's focus now on the US, then Brazil, and next year we'll find out what the feedback from these two markets is.


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