Revolut rival N26 picks up $300m as Europe's most valuable fintech startup

German fintechN26 has raised $300 million in a new funding round.

A Berlin-based financial technology start-up that is aiming to challenge the likes of Britain's Monzo and Starling Bank has raised $300m (£234m) in a major funding round as interest in the booming fintech sector shows no signs of waning in 2019. It also makes N26 the second most highly valued digital startup bank globally behind Brazil's Nubank.

There have been bigger fundraisings around the world, with the record held by Ant...

Singapore's sovereign wealth fund GIC and other existing investors also participated.

The money will be used to finance a push into the USA that will put N26 into competition with the biggest United States retail banks such as JP Morgan and Bank of America both of which have launched their own mobile-only banking offerings to compete with digital startups.

Operating across 24 countries in Europe, N26 said it has more than tripled its customer base in 12 months to reach over 2.3m registered users.

As is the case with its rivals, the startup is targeting a U.S. launch, promised to go live in the first half of 2019.

Valentin Stalf, CEO and co-founder of N26, said: "Around the world, millions of people still suffer from bad banking experiences and high fees".