German online bank N26 said Thursday it had raised $300 million to fund its launch in the United States, which gives the firm a valuation of $2.7 billion. The fundraising round was the biggest ever for a German "fintech" or financial technology firm, business daily Handelsblatt reported. It also made N26 the nation's first fintech "unicorn" - or privately-owned technology firm worth more than $1 billion. The cash infusion "is a big sum, especially for continental Europe," said David Rosskamp, co-founder of a Berlin-based investment fund targeting startups and an early investor in N26.

Most of the money came from US venture capital firm Insight Venture Partners and Singapore sovereign wealth fund GIC, the bank said in a statement. "It's a sign of confidence showing a European firm has managed to convince American and Asian investors of its ability to build a global operation," judged Rosskamp.

Investor Hendrik Brandis told business daily Handelsblatt that the move was "an accolade for the German and European fintech industries."

N26 lets customers open a bank account in the space of a few minutes from their smartphone or computer, offering a bank card at no extra charge.

Copyright Agence France-Presse, 2019