N26, the rapidly-growing German fintech bank, has raised $160mn in a funding round led by Allianz and Tencent.
Despite only being launched in 2015, N26 - which offers among other services savings, credit and insurance products on its app - has grown to operate in 17 countries across Europe with close to one million customers.
With the capital generated from its Series C funding, it is now aiming to open its services to customers in the key markets of the United Kingdom and the United States as it targets a 5mn customer-base by the end of 2020.
"We are very pleased to have Allianz and Tencent leading our Series C," said Valentin Stalf, CEO and co-founder of N26. "Not only are they powerhouses in their respective fields of financial and internet services, but they also understand the power of intelligent technology and design to disrupt industries."
Allianz X is the digital investment unit of the Allianz Group, one of the world's leading insurers and asset managers. Tencent has gone from a pioneer to market leader in social communications, online games, digital content and mobile payments in China.
"N26 is a clear frontrunner in mobile banking," said Solmaz Altin, Chief Digital Officer of the Allianz Group. "N26’s banking platform is modernising traditional business models of financial services, ultimately providing a better customer experience."