N26, a fintech firm, has raised $900 million in a Series E round, valued at $9 billion. This is a significant increase above the company’s Series D value of $3.5 billion. The Berlin-based firm runs a digital bank that serves 7 million customers in 25 countries.
Today’s round is led by Third Point Ventures and Coatue Management. Dragoneer Investment Group and a few of N26’s current investors are also taking part.
“It gives us a lot of time over the next three to four years to line up for an IPO,” co-founder and CEO Valentin Stalf told me earlier today. N26 also plans to hire 1,000 people “as soon as possible.”
N26 provides bank accounts and debit cards that may be managed using a mobile app. It’s simple to open a bank account since you don’t have to go to a branch and fill out long paperwork. N26 customers will then receive a bank account with their own account numbers as well as a virtual card to use with Apple Pay or Google Pay.
N26 is on track to process $90 billion in transaction volume in 2021. Now that it owns the customer relationship with its loyal user base, the company can add more products and greatly increase that metric.