N26 is Germany's most valuable fintech
Despite the trouble with Bafin, the neobank N26 has raised 700 million euros from investors. With this, the fintech wants to enter crypto and securities trading.
Just recently, N26 paid its million-dollar fine to Bafin. The stress with the regulator scared off investors, but they now seem to have regained confidence in the neobank: according to information from the Spiegel's in its current financing round. At the same time, investors valued Neobank at eight billion euros, making it Germany's most valuable fintech. Founders Valentin Stalf and Maximilian Tayenthal are said to have even sought 9.3 billion euros.
The money will be used to further improve compliance measures. The fintech is responding to criticism from Bafin, which accused N26 of being too lax in combating and controlling suspected fraud and money laundering. The supervisory authority still has a special representative sitting at Neobank. The Berliners are also getting into cryptocurrency and securities trading with the fresh capital. N26 is thus becoming a competitor for startups like Trade Republic and Scalable Capital.
According to Finance Forward investors' interest in the new financing round was said to have been high. Opposite the Mirror they criticize the too harsh action against N26 by Bafin. According to the report, it should have given the fintech more time to integrate the control mechanisms for better anti-money laundering.
Startups, stories and stats from the German startup ecosystem straight to your inbox. Subscribe with 2 clicks. Noice.LinkedIn Connect
Take care, give care
Did this news inform or entertain you? Then we would be happy if you tell your network about it.Share on Linkedin Share on Facebook Share on Xing
FYI: English edition available
Hello my friend, have you been stranded on the German edition of Startbase? At least your browser tells us, that you do not speak German - so maybe you would like to switch to the English edition instead?
FYI: Deutsche Edition verfügbar
Hallo mein Freund, du befindest dich auf der Englischen Edition der Startbase und laut deinem Browser sprichst du eigentlich auch Deutsch. Magst du die Sprache wechseln?