Allianz invests in mobile bank

Allianz X, the digital investment unit of the Allianz Group has co-led N26’s $160 million Series C funding round and joins its board of directors alongside a list of notable investors.

N26 offers retail banking products and financial services in a platform built for the smartphone. Since launching in January 2015, N26 has acquired more than 850,000 customers across 17 European markets and employs over 380 people to date. The funding will be used toward N26’s overall growth strategy and international expansion, particularly into the US and UK later this year. It will also support product development for existing markets and the implementation of artificial intelligence to make N26’s banking experience smarter and more personalized.

“Our strategic investment will further strengthen our existing relationship with N26, which started with Allianz Partners in 2016,” said Nazim Cetin, CEO of Allianz X.

"We see multifaceted links to build up a strong partnership between N26 and the broader Allianz Group,” Cetin added.

Solmaz Altin, chief digital officer of the Allianz Group, added: “N26 is a clear frontrunner in mobile banking.

“N26’s banking platform is modernizing traditional business models of financial services, ultimately providing a better customer experience," Altin added.

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