Davis Polk is advising Tencent Holdings Limited in connection with its affiliate’s investment in N26 GmbH. The transaction is part of a $160 million Series C financing round that was co-led by Tencent and Allianz X. The funding represents the largest non-IPO equity financing round in the fintech industry in Germany to date.

Founded in 2013, and with an initial product launch in early 2015, N26 is a mobile bank headquartered in Berlin, Germany. N26 has more than 850,000 customers across 17 European markets and over 380 employees, and is one of the fastest growing European banks. Tencent is one of China’s largest and most widely used Internet service portals. Allianz X is the digital investment unit of the Allianz Group, one of the world’s leading insurers and asset managers.

The Davis Polk corporate team includes partner Miranda So, counsel Sam Kelso and associate Abhishek Kolay. Partner Luigi L. De Ghenghi and counsel Christopher M. Paridon are providing regulatory advice. Members of the Davis Polk team are based in the Hong Kong, Northern California, New York and Washington DC offices.

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