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.

Berlin-based fintech N26 is preparing its Series-E funding round, aiming for a valuation of eight to eleven billion US dollars. This is reported by Bloomberg with reference to insiders. That would make N26 worth more than Germany's Commerzbank, which currently has a market cap of $8.3 billion. Currently, N26's company valuation is €3.5 billion.

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

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