German challenger bank N26 raised $160m Series C round led by Tencent and Allianz. The company processes $16bn in transaction volume and now has 850k customers - plans to reach 5m customers by 2020 and roll out int he UK and the US.
“It's a good round to be as independent as possible,” Stalf said. “This funding round really brings N26 to a pre-IPO stage. I think we see a clear path to a very sustainable company with this funding round. Maybe in the next five years there will be an IPO.” That’s one way of saying that N26’s valuation is now too high for a quick acquisition. Nevertheless, it’s great to see a potential European tech giant growing so quickly and willing to remain an independent company.