German digital lender N26 has raised an additional $170m in its extended Series D funding round. It is now valued at $3.5bn.

In the initial Series D funding round in January this year, the company raised $300m at a valuation of $2.7bn.

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Following the closure of the extended round, the company raised a total of $470m in the Series D round.

So far, the German online bank has raised more than $670m.

N26 noted that all its previous investors, who participated in January, extended their support in the latest funding as well.

They include Insight Venture Partners, GIC, Tencent, Allianz X, Earlybird Venture Capital and Greyhound Capital, among others.

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N26 co-founder Maximilian Tayenthal said: “Once again, our investors have placed their trust in us. This will allow us to accelerate our global expansion outside Europe.

“The further increase in valuation is a great testament to the company’s development over the last months.”

The digital bank intends to use the money to accelerate its expansion in Europe, the US, and Brazil.

Additionally, it will invest some portion of the funds on the development of new features and drive organisational growth.

In the last one year, N26 increased its workforce to 1,300 employees. The German lender continues to hire at its Berlin, New York, Vienna, Barcelona and São Paulo locations.

Recently, it rebranded its premium account, N26 Black, to N26 You.

The bank also plans to launch Shared Spaces feature soon. It will enable the customer to create sub-accounts within N26 and split their bills with up to ten people.

Earlier this month, N26 also launched its mobile banking app in the US, its first foray outside Europe.