German neobank N26 announced a record-breaking US$900+ million Series E funding round which increases the company’s valuation to more than US$9 billion.
The round was led by renowned New York-based tech investors Third Point Ventures and Coatue Management, and joined by Dragoneer Investment Group as well as N26’s existing investors.
N26 was also supported by Goldman Sachs Bank Europe who acted as a placement agent for the round.
The firm said that it will use its fresh funding to significantly expand its mobile banking experience.
N26 will also scale its global team further, and aims to bring on board 1,000 new team members in the coming years, with a particular focus on the areas of product, technology and cybersecurity.
In addition, N26 will significantly expand its employee equity pool, while broadening Employee Stock Ownership Plan (ESOP) participation to 100% of its employees.
Valentin Stalf, CEO and co-Founder of N26 said,
“This recent financing round solidifies the fact that retail banking as we know it has changed. With our fresh capital, we are in prime position to become one of the biggest retail banks in Europe, all without a single branch.”
Maximilian Tayenthal, Co-CEO and co-Founder of N26 said,
“It is hugely important to us that we can share the success of N26 with our employees. Without them, we would not be the company we are today.”