A Berlin-based bank that has attracted 3.5 million customers in four years has achieved a $3.5 billion valuation with its latest fundraising, making it the most valuable digital bank in Europe.
N26, which was launched in 2015 and came to Britain nine months ago, hit the record valuation after increasing its latest funding round by $170 million on the back of demand from investors.
The £2.8 billion price tag makes N26 more highly rated than its British financial technology rivals Monzo, which is valued at £2 billion, and Oaknorth, which has a price tag of £2.2 billion.
Investors in N26 include GIC, the Singaporean sovereign wealth fund, China’s Tencent and Valar Ventures, the New York venture capital fund set up by Peter Thiel, the founder