N26, the German online bank and a flagship start-up in the Berlin fintech sector, has raised $160m from a group of investors led by Tencent, the Chinese internet and social media group, and Allianz X, the insurance group’s digital investment unit.
The funding round marks the latest vote of confidence in Berlin’s technology sector, which has seen a flurry of big investments and stock market listings over the past year.
According to data released by EY yesterday, Berlin-based start-ups raised €2.97bn in 2017, up from €1.1bn the previous year. Among European tech hubs, only London was more successful, with start-ups based in the UK capital drawing €4.88bn in investment last year.
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