Just a week ago, N26 announced an extension to their Series D funding with a further $100 million, bringing series D round to $570 million. This positions N26 as one of the highest valued FinTech companies globally. Their series A round funding started with €10 million from Valar Ventures, co-founded by Peter Thiel – also Paypal’s co-founder.
Currently, N26 has reached over 5 million customers and raised $782 million. The company is valued at $3.5 billion. But they are saying that there’s still a lot of work to be done, they are not stopping to bring the company to new heights.
The new influx of money will help them develop more innovative products and features to better manage your money. They want to become even stronger in European markets and the US and bring more users to N26.
With this, they’ve caught up but yet didn’t overtake Revolut. The latest series D round of funding for Revolut raised $500 million. The company has raised $837 million funding in total, making it valued at about $5.5 billion.
Revolut at the end of 2019 announced having over 10 million customers. Just some days ago, they’ve reached 1 million customers in Ireland! This makes them having about half of the customers of all UK based neobanks. Although at the start of the year, researchers we’re saying the customer growth rate dipped, we might see a huge rise because of the COVID and the change of how people communicate and do everyday tasks. Branchless banks now seem more usual and convenient than ever before. This might give a new influx of customers.
So what we will see at the end of 2020? The quarantine definitely is changing people interacting between and using finances. This year might be much bigger, than any of the neobanks thought it might be. But who was the most prepared for what wasn’t prognosed, we’ll see at the start of 2021.