N26 eyes funding at $3.5B valuation

N26 is considering a fresh fundraising round next year, as the challenger bank eyes a valuation above $3.5 billion, people familiar with the matter said to Bloomberg.

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N26 “has been in contact with potential advisers for the fundraising, though discussions are at an early stage and no final decisions have been made, the people said, asking not to be identified because the deliberations are private,” Bloomberg’s article states. “A spokeswoman for the company said there “are not yet any concrete plans for another funding round at this present moment.”

Chief Financial Officer Maximilian Tayenthal announced this May, after the company’s last fundraising round valued N26 at $3.5 billion, that he’d look for a higher valuation next time.

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Venture capital investment in Europe’s FinTech industry has surpassed $35.4 billion since 2014, Bloomberg reported, citing data from Dealroom.

And N26 managed to attract more than $100 million from existing investors in an extension to its previous round of $470 million from investors including Singapore’s sovereign wealth fund GIC Pte and Insight Partners.

Until this day, N26 has collected close to $800 million from investors, making it one of Europe’s highest valued non-listed fintech firms.

“The adoption of digital banking is accelerating as the world adjusts to a new normal. As one of the world’s leading challenger banks, N26 is front and center in this shift, driving global innovation from our base in Europe,” said Valentin Stalf, co-founder and CEO of N26 in May.