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Thiel-Backed Fintech N26 Valued at $2.7 Billion to Take on U.S.

  • Insight Venture and others inject $300 million in mobile bank
  • German startup wants to use money to win clients in the U.S.

N26 GmbH, the German banking app that’s backed by billionaires Peter Thiel and Li Ka-shing, has raised new funds at a valuation of $2.7 billion, making the company one of Europe’s most valuable non-listed fintech startups.

N26 received $300 million from Insight Venture Partners, Singapore’s sovereign wealth fund GIC and several existing investors, the Berlin-based company said Thursday. Its new valuation puts it ahead of rival Revolut Ltd. valued last year at $1.7 billion, and Swedish payment firm Klarna Bank AB, which was valued at $2.5 billion in 2015.