N26 raises $160 million in Series C funding round led by Allianz X and Tencent
N26 raises $160 million in Series C funding round led by Allianz X and Tencent

German direct bank N26 has raised money in series C funding round. The online bank offers services in majority of Eurozone. The bank founded in February 2013 has witnessed impressive growth due to its low costs and online services.

As per reports, N26 has raised $160 million in a funding round co-led by Allianz X, the digital investment unit of Allianz Group, and Tencent Holdings Ltd., a leading provider of internet value-added services in China. The funding will be used to accelerate N26’s global growth strategy and product vision.

Berlin-based N26 has raised $215 million till date in funding. The bank is considered as an innovative idea developed and executed smartly in Europe. The bank is planning to expand its services with the latest funding round. Banks are planning to use blockchain technologies in near future in order to reduce costs for funds transfer and other transactions. Banking sector experts are expecting many changes in banking sector in coming years.

Since its launch in January 2015, N26 has acquired more than 850,000 customers and is one of the fastest growing European banks. The goal is to reach more than 5 million customers by the end of 2020. N26 has processed over 9 billion Euros in transaction volume to date, with a projected volume of more than 13 billion Euros in 2018 alone.

“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,” says Valentin Stalf, CEO and co-founder, N26.

The funding will be used toward N26’s overall growth strategy and international expansion, particularly into the US and UK later this year. It also will support product development for existing markets. A key to N26’s success and growth is its focus on making retail banking easy and transparent for users. N26 wants to take this a step further by making the banking experience even smarter and more personalized for customers through the use of artificial intelligence. As a leader in mobile banking and financial innovation, N26 believes that artificial intelligence will allow the bank of the future to become more adaptive to customers’ needs and solve problems in a way that is currently missing among traditional retail banks.

N26’s vision is to build a bank the world loves to use. The mobile bank offers real-time banking services tailored to customers who prefer a digital experience that is simple, transparent and free of paperwork and hidden fees.

Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate