After six years of establishing itself in Europe, mobile based banker N26 is getting ready to cross the big pond to the United States to take part in the growing online-only domestic banking market.
To finance its launch in America, it successfully completed a series D round of funding that raked in $300 million. This latest round was led by Insight Venture Partners, with support from sovereign wealth fund GIC and several existing investors.
This valuation puts N26 into the much sought after “unicorn” club, with a valuation of $2.7 billion.
Like other mobile banks, N26 offers easy and simple access to the users funds. With no brick and mortar branches, N26 allows banking through the web, and users can set up and use their new account almost immediately. There are already similar services on the web that N26 will compete with, like Chime and Simple, both of which launched in the last three years in the U.S. offering mobile only banking services.
N26 has not yet announced a definitive start date for its banking services in the U.S., but when it does the service will be a basic checking account service that will be “tailored to the U.S. market.”