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Berlin-based Bank N26 Raises an Extra $100m During Lockdown
Digital Proves Its Mettle in the Time of Crisis
It’s no secret that I’m a massive fan of digital banking. In a way, I believe it’ll lead the charge for adoption of future technologies en mass due to the nature of it being up close and personal with consumers. More on that another time.
For now, one of the big players in the FinTech Banking game, N26, has managed to raise an extra $100 million in their series D funding round — despite the current global lacklustre appetite for investment, thanks Coronavirus.
The total funding round has come to a whopping $570 million, which they say is:
“reaffirming their [investors] support of our vision to transform banking around the world.”
N26 is a Berlin-based startup bank currently valued at $3.5 billion, making it one of the most valuable FinTech companies globally to date.
While the cash injection is reassuring, the company is still being cautious about the economic impact coronavirus will have across their operating markets.
Their senior management staff, which includes founders Valentin Stalf and Maximilian Tayenthal, have agreed upon a 25% pay cut for this year. As well as that, they have placed 10% of their…
