N26 aims for valuation of ten billion US dollars

This would make Neobank the most expensive German fintech. N26 is currently preparing its Series E.

The Berlin-based fintech N26 is preparing its Series E financing round and is aiming for a valuation of eight to eleven billion US dollars. This is reported by Bloomberg with reference to insiders. This would make N26 worth more than the German Commerzbank with a current market capitalization of 8.3 billion US dollars. The current company valuation of N26 is 3.5 billion euros.

The Series E would probably be the last financing round before the IPO. CFO Jan Kemper, who previously took Zalando public, took up his position at the beginning of July. Neobank is planning the IPO for next year or 2023. In the most recent financial year, N26 made a loss of 110 million euros with currently seven million customers.

It was only announced in May that BaFin had appointed a special commissioner to assist N26 because the bank had deficits in the fight against money laundering and terrorist financing. N26 undertook to take all required measures and cooperate with the special representative.