N-26 – Perspective: IPO in three to four years

N-26 – Perspective: IPO in three to four years

Berlin, Oct. 21, 2021

Berlin-based fintech company N26 has completed a $900 million series offering, valuing the company at $9 billion. N26 offers a cashback credit card, a fully mobile account and cashless payments via Apple Pay or Google Pay, among other services.

N26 currently has 7 million users, up from 5 million in 2020. The fintech startup is available in 25 countries, including Austria, Germany, Brazil, Italy, Switzerland and the UK. In 2019, N26 introduced Shared Spaces in the U.S., which allows users to share funds similar to a joint account.

In September, German regulator BaFin ordered N26 to pay $5 million in 2019 and 2020 due to late reports of suspicious activity.

N26 plans to use the capital to hire 1,000 employees. The company believes the funds will buy it „plenty of time over the next three to four years to position itself for an IPO.“