Digital bank raises $300m as it plans assault on USA market

The deal values N26 at $2.7bn and represents the largest funding round for a financial technology company in Europe in recent years, after Revolut raised $250m last year.

SINGAPORE sovereign wealth fund GIC is taking part in German mobile bank N26's latest financing round of US$300 million (S$406.6 million), led by New York-based venture capital and private equity firm Insight Venture Partners.

It also beats the $150 million raised by Brazil's Nubank in March and its further $180 million cash injection from China's Tencent in October.

N26 is aiming to build the first global mobile bank, targetting to reach over 100 million customers in coming years.

Pres. Trump says changes coming on high-tech visas
The United States grants 65,000 H-1B visas every year and an additional 20,000 visas for those with a master's degree or higher. The Republican president has often said he wanted an immigration system that favoured educated or highly skilled people.

There have been bigger fundraisings around the world, with the record held by Ant...

Co-founder and chief executive Valentin Stalf has predicted that the company will acquire a million customers in the United States within 12 to 24 months, citing the 2.3 million customers it has attracted thus far across 24 European markets. The digital bank launched in the United Kingdom in October past year.

The start-up is planning to launch in the USA with a mobile banking app in the first half of this year. It now operates in 24 markets across Europe, and has more than 2.3 million customers.

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