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Archivo del Autor: Belen De Leon

Banking startup N26 raises $300 million at $2.7 billion valuation

Fintech startup N26 is raising a Series D round of $300 million. Following this new funding round, the company is now valued at $2.7 billion. Insight Venture Partners is leading the round with Singapore’s sovereign wealth fund GIC and a few existing investors also participating.

N26 is building a retail bank from scratch. The company lets you open a bank account and get a card in just a few minutes. You can then control everything from your phone or computer. And it’s a much better user experience compared to traditional banks.

This round comes as a surprise as the startup announced a $160 million funding round ten months ago. I talked with N26 co-founder and CEO Valentin Stalf about this, and there are several reasons why raising money made sense.

First, N26 is a very different company now compared to early 2018. The user base has tripled and people are using their N26 accounts more and more. Around a third of N26’s customers are paying every month for a premium account.

The startup’s valuation has exploded as well. “The previous valuation was below $1 billion,” Stalf told me. In other words, N26 is in great shape and it made sense to grab more money before expanding to new markets around the world.

N26 is currently live in 24 European markets and has 2.3 million customers. The company plans to expand to the U.S. in the coming months as well as other markets around the world. Customers currently hold €1 billion in N26 accounts overall. And the company has processed €20 billion in transaction volume since its creation.

I interviewed Valentin Stalf about today’s funding round. This interview has been slightly edited for brevity and clarity.

TechCrunch: Your list of investors is becoming more and more global. Does it mean that, in addition to the U.S., we can expect other countries and other regions as well?

Valentin Stalf: Absolutely. Our goal now for the next couple of years is to transform N26 from being a European company to being a global company. We started in Germany and Austria as you know. We’re now in 24 markets including the U.K. where we’re offering our product in a different currency.

And now the next step will be the U.S. in 2019. We would like to bring N26 to four to six new markets outside of the U.S. and Europe in the next couple of years. But this year is really about the U.S. and then by the end of the year one more market or a couple of markets probably. But we see the opportunity to take the business global. And that’s also what everybody who invested in this round signed up for.

TC: It’s the first time you’re sharing the valuation, which is quite high. Does it mean that the financials of the company are looking good? Are you making money and from what?

Stalf: Two things led to the success of this funding round. One is tremendous growth. We’ve more than tripled the number of customers in the last year. Globally, I think we’re the fastest growing mobile bank on the market now. It’s one driver of the valuation — the future potential that there are many more customers searching for a banking alternative.

We’ve also worked on the profitability of our company. We’re definitely today the most advanced player on the market in terms of profitability per customer. Obviously, we’ll be consuming cash in 2019 — that’s why we raised a round to invest in new markets. But if you look at our company on a per-customer basis, we’re profitable on a per-customer basis. And I think it’s very important.

Where is the revenue coming from today? We’re very much focused on the daily usage of our product. So one is really from card transactions and the interchange fee. Second is our subscription model. Depending on the market, up to 32 to 35 percent are choosing one of the premium products that we’re offering — it’s a really important revenue driver. And then you have the daily usage of financial products, such as overdraft, savings and consumer credit and these things that we have on the German market, the French market. We’re bringing that now to the U.K. and other markets.

TC: On the product front, are there other products that you’re going to roll out or are you more focused on launching the entire lineup of products across all your markets?

Stalf: I think we want to internationalize existing products to new markets and bring our financial products that we have to more of the markets that we’re in.

But I think the strong focus that we have in order to internationalize is really to innovate more on the product. We’ve launched Spaces before Christmas — I would say version one. The big update that is coming out in the next two months is really about sharing a space, creating a shared account either long term with your partner or short term with friends.

We’ll add much more functionality to Spaces. We’ll be adding virtual cards that you can add per account. We’ll be adding different account numbers.

TC: Let’s go back to the funding round. You’ve raised $160 million a year ago — it’s quite quick. If I read that correctly, does it mean that you’re thinking that competition is fierce or that you should get a war chest in case there’s an economic downturn?

Stalf: I wouldn’t call it an economic downturn, but if you look at the equity market, obviously valuations have been challenged over the last couple of weeks. And I think we were lucky in terms of when we raised funding. I think it was good timing.

Independent of that, we’ve never raised because of any timing thing or so. Our company managed to do incredibly well in the last year in terms of profitability and growth. And we’ve had a lot of people approaching us, we’re always in contact with different investors. I always think the best time to raise is when you don’t need to raise. GIC and Insight are the best investors we could have thought of.

TC: Let’s talk about the future. Now, that you’ve got a ton of funding in your bank account. How do you see N26 in a couple of years as a product, as a company and as a brand?

Stalf: I think we have the opportunity to really build a business with a hundred million customers globally. I truly believe in this. And that means that we’ll have to build the brand that you need for such as business. It’s going to be a big focus.

If you look more at our company, we have now 700 employees in three locations around the world — Berlin, Barcelona and New York. We will open a couple of offices throughout the next year in Europe and maybe somewhere else in the world. So it’s really awesome to transform our company to be more global — we already have 50 different nationalities.


Source: TechCrunch

At CES 2019, I met a robot that showed me a future where we're not so lonely – CNET

Commentary: Half of Americans say they’re lonely, but Katie Collins finds hope at CES in the promise of Groove X’s Lovot robot.
Source: CNET

The toughest iPhone XR case at CES 2019 video – CNET

Find out if the iPhone XR case was still standing after we dropped 10 cases from the roof of the Convention Center at CES 2019.
Source: CNET

Ring's Door View Cam is a smart doorbell that replaces your peephole at CES 2019 video – CNET

Ring’s $199 Door View Cam replaces the peephole in your door for a less invasive smart buzzer installation.
Source: CNET

Captain Marvel: Samuel L. Jackson reveals a plot-changing detail – CNET

Grab your pager and get ready to head back to the 1990s for a solo film about a Marvel heroine who just might save the universe. Here’s what we know.
Source: CNET

Samsung Notebook Flash promises speed and style on a budget at CES 2019 – CNET

But we’re not sure it can keep those promises.
Source: CNET

Whirlpool's touchscreen washer holds your laundry detergent, has an app video – CNET

This smart washer and dryer combo has a touchscreen, an app with an in-depth stain guide and Alexa and Google Assistant voice command integration at CES 2019.
Source: CNET

Ralph Breaks VR, and we're right there with him at CES 2019 video – CNET

Disney’s Ralph Breaks the Internet takes on virtual reality, thanks to VR creators The Void. See how the attraction transports guests into a 3D digital world.
Source: CNET

CES 2019: Samsung unveils redesigned Notebook 9 Pro aimed at creatives – CNET

Aside from being silver, this 13-inch ultraportable doesn’t look at all like last year’s.
Source: CNET

Hulu redesign will drop the confusing home screen called ‘Lineup,’ simplify navigation

Hulu is preparing to update its streaming app in order to make its simpler to navigate to and discover content you want to watch. Some of the changes coming in the weeks ahead are smaller, but worthwhile tweaks – like adding buttons or re-arranging where menus sit. But the more notable change is that Hulu is testing doing away with the app’s existing home page – currently known as “Lineup” – and replacing it with a new experience.

That’s a change that could have a significant impact, as the Hulu home page is the place everyone first lands when they launch the app. The page today sees the most engagement and is biggest driver of content discovery for the streaming service.

Hulu found that users have short attention spans when hitting this page, however – in 30 to 60 seconds’ time, they’ve lost interest. Plus, when users decide to play a piece of content from this landing page, they’re doing so after five actions or less. That means Hulu has only a small window to connect viewers to content they’ll like, before they click away to elsewhere in the app – or close it altogether because they can’t find something to watch.

What Hulu now wants to learn is what sort of content makes the most sense for this landing page. “Lineup,” after all, is a vague term. It sounds like it’s something highly personalized to the viewer – and it’s clearly not, as any Hulu user can tell you, the suggestions here are often hit-or-miss.

“Lineup is confusing,” Hulu’s new VP of Product, Jim Denney, admitted, in a discussion with TechCrunch at CES about the new features. “Lineup, the way it is today, is a combination of editorial picks and recommendations…that combination of things is not as effective as we’d like it to be,” he said.

In its place, Hulu will trial two different variations: a “Hulu Picks” collection, which is curated by staff, and an “Unwatched in My Stuff” option that will show you things you have on your list, but haven’t yet watched.

The former, “Hulu Picks,” would allow the company to have more control over what sort of content suggestions you see first. While the latter option would showcase content you’ve explicitly indicated interest in viewing.

The company says it will test both options with a portion of Hulu’s user base in order to determine which one sees the best response. This will roll out in the weeks ahead.

Meanwhile, other changes to the Hulu app will be focused on helping you view more content while searching for something to watch, as well as helping you to more easily navigate, and start watching with less confusion and fewer steps.

For example, Hulu will soon have more content appear on the screen as you scroll down in the user interface, so you can scan the thumbnails and make a decision more quickly.

It’s also adding a larger, more prominent “Details” button on content within its various collections – like the Lineup (or whatever replaces it), as well as sections like “Kids,” “News” or “Sports,” for example. This button will take you to the details page for that show or movie you’re interested in.

 

It’s adding more metadata next to the content, too, including things like the genre, rating, and the year which will help users make a choice more quickly.

On the content’s Details page, there will be a stacked list of quick actions for things like playing the next episodes, adding items to “My Stuff,” or managing your relationship with the show.

This latter option is a small but useful tweak that takes you to an area where you can adjust your suggestions and watch history – meaning you can mark something as watched or unwatched. This will be particularly beneficial for those times when you’ve begun watching a program on another streaming service, and now want to pick it up again on Hulu. Today, Hulu wouldn’t have any way of knowing if you’ve viewed those episodes outside its app – but now you’ll be able to explicitly say so.

You’ll also be able to mark content as unwatched, which could help if you’ve fallen asleep while watching TV, for example, or someone else watched the show while logged into your profile.

New visual templates will make finding news, sports and kids content easier with things like matchup artwork for games and movies identified by their poster, for instance.

On the Live TV side, subscribers will be able to view a full two weeks out on the programming guide, instead of just what’s airing now and next. The navigation here – like Recent Channels, My Channels, All Channels, etc. – has also moved from the top to the left side for easier access.

While these various changes will be rolling out this spring, Hulu plans to continue to iterate on the user interface through the year, says Denney.

“I think you should expect to see the UI continue to evolve,” he said. “We’ll make modifications based on what we’ve learned. We’ll continue to make changes in the UI and make changes to the way we do our recommendations. The mission is to make sure people appreciate the amount of content they have access to without being overwhelming. This home redesign is an ingredient in that,” he added.

 

 

 

 


Source: TechCrunch

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