N26 co-founder and CEO Valentin Stalf Photo by John Phillips/Getty Images for TechCrunch

N26, a Berlin-based mobile banking startup, has raised $170 million in new funding that’s an extension of a $300 million Series D closed earlier this year. The new investment values N26 at $3.5 billion, up from a $2.7 billion valuation when it closed the earlier Series D. All investors who backed the previous Series D were contributors to the $170 million haul.

N26 says it’ll use the additional funds to fuel expansion in the US, Europe, and Brazil. It’ll also invest in new features for its users. N26 has grown rapidly within the last 12 months, tripling its workforce to more than 1,300 employees during the period. Even with such [large] headcount, the Berlin-based startup is still hiring for its offices in Berlin, Barcelona, Vienna, São Paulo, and New York.

N26 co-founder Maximilian Tayenthal image: U.S. Embassy Vienna

N26 launched in January 2015 to huge success, with 3.5 million customers now signed up on its mobile banking app. Last week, N26 launched in the US, it’s first market outside Europe. The Berlin-based startup plans to launch next in Brazil, with an aim to hit 50 million customers in “the coming years.”

This round included, N26 has raised more than $670 million in equity funding.

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