In what constitutes a momentous step forward for its business, Germany’s most valuable fintech firm, Frankfurt-based online bank N26, has completed a $900 million round of funding and is now being valuated at over $9 billion in total. This most recent fundraising round was led by previous N26 investors as well as newcomers Third Point Ventures and Dragoneer Investment Group.
Purveyors of industry standouts such as its scalable mobile banking app, N26 has attracted a great deal of investor buzz in recent years. Despite its meteoric rise in the market, this new fundraising round and valuation come as a welcome piece of news for the up-and-coming online bank. Earlier this year, N26 was fined just shy of $5 million amid allegations of suspicious exchanges that could be tied to money laundering.
With this fresh injection of investor funds, however, N26 has big plans for its pursuit of European payments leader Klarna. According to an N26 press release, the company plans to use its new funding to hire an additional 1,000 employees and increase mobile offerings in the years to come. With an expanded war chest added to its already considerable client base in excess of seven million customers in two dozen countries, N26 appears to have both the ambition and the means to carry itself to the top of the heap.