European mobile bank N26 has reportedly raised a €110m Series C to support its expansion to the US market.
The company will use the new funds to launch its services in the US around June, and will employ more than eight people for its New York office, according to a report by FinTech Futures. Capital will also be used to bolster its Berlin team, it said.
Investors to the round were unnamed, but include both US and European investors, the article stated. This announcement was made internally by the company co-founder and CEO Valentine Stalf, who reportedly said that the bank was now ready to expand and ‘dominate the US.’
N26 is a mobile bank account and which allows consumers to send, save and store money in a secure location. The account comes with a MasterCard-powered debit card and through the app, users can set daily payment and withdrawal limits and immediately lock the card if its lost.
To ensure security the app uses a range of security solutions including fingerprint passwords and banking activity push notifications. International transfers in 19 currencies can be made and all spending is automatically categorised via AI to simplify transaction monitoring.
The bank also offers a premium account, N26 Black. This service provides its users with insurance for trips and qualified purchases, free international withdrawals, foreign medical expenses, mobile theft and cash theft protections, among other offerings.
Last year, N26 expanded its premium account offering to nine more European markets: the Netherlands, Belgium, Luxemburg, Portugal, Latvia, Estonia, Slovakia, Lithuania and Finland. With this line of capital, it brings its total funding efforts to €160m, it stated.
There has been a string of activity for challenger banks over few months. New UK challenger bank Fiinu is looking to raise £500,000 through a crowdfunding campaign on Seedrs. The platform utilises AI, machine learning, and data made available through PSD2 and open banking to help better assess short-term debtors.
While UK-based CivilisedBank has secured an undisclosed investment, just a year after landing its banking license.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
