The year behind us: 2018
It’s safe to say that 2018 was a banner year for N26, with our teams reaching several major achievements. Some were planned, like launching in seven new markets, including the UK, opening our new office in Barcelona, and the introduction of Spaces as the first of many product innovations yet to come. And some came in the form of unexpected recognition, such as being named the #1 Tech Startup in Germany by Linkedin, or the tripling of our customer base in the last 12 months to reach 2.3 million N26 customers today.
While it’s hard to top the incredible year we had, 2019 is also starting off on a high: We have closed our Series D funding round with an incredible $300 million. This figure represents the largest private equity financing round for a fintech business in Europe in recent years. With a valuation of $2.7 billion, it also makes N26 one of the most valuable technology startups around the world.
We also have two new investors joining N26: New York-based Insight Venture Partners and Singapore’s sovereign wealth fund GIC. Insight Venture Partners has backed several major European tech companies. Both firms support our vision of building a truly global digital bank and a recognized brand for 100m+ customers. As two of the most renowned investors in the world, they will be instrumental in accelerating our growth strategy and we are very happy to have them on board.
What does this mean for our customers?
Of course, we could not have gotten this far without you, our customers, employees, investors and partners. We plan to invest our funding toward making N26 even more flexible and transparent for our customers all across Europe. You can expect to see further development of our product offerings, banking features and new technology that will make your banking experience even smoother, smarter and more intuitive than before. Being able to share N26 accounts is the first of many innovative features that will be coming soon in the new year.
Where will we go from here?
This investment will also play an incredible part in supporting our growth strategy to offer a global solution to the everyday banking challenges that consumers face all over the world. Starting with our upcoming US launch, we will bring N26 to new markets beyond Europe in 2019. We can’t wait to bring N26 to more people in more places all over the globe.
We know our 2019 milestones are ambitious and that there’s a lot of work to be done. We currently have 3 office locations in Berlin, Barcelona and New York, over 700 employees spanning 50 nationalities, and a market presence in 24 countries. But we know there’s a lot more work to be done, and it’s now up to us to deliver on the promises we’ve made. That’s why we plan to continue seeking the best talent to expand our teams both in Europe and around the world.
For us personally, this round is a huge recognition of a simple idea that began over six years ago and a confirmation that we are on the way to disrupt one of the largest industries in the world - banking - and making it easier and more transparent for millions of customers. There are days we still marvel at how far N26 has come so fast. But we know this is only the beginning of the next chapter, and we’re excited for all of you to be part of our story.
Thanks for you trust,
Maximilian and Valentin