N26 is getting prepared for a wave of consolidation

Jan Kemper, CFO of N26, expects a wave of consolidation within the next three years.

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Kemper also mentions that he is not committed to a schedule for an IPO. First, N26 has to do the homework given by BaFin.

“In my opinion, the big wave of consolidation will come in two to three years,” said CFO Jan Kemper in an interview with the Börsen-Zeitung.

The German financial services supervisor, BaFin, requires the German Fintech star to limit the acquisition of new clients to 50,000 per month.

This step is supposed to motivate the company to focus its resources on the fight against money laundering.

The Handelsblatt reports on a list of around 1600 accounts opened at N26 between May 2019 and July 2021, which appear to have been used for fake shops and fraudulent eBay accounts.

N26 is working on its ability to be listed on the stock exchange in order to be able to get started with an IPO. “We understand that we have a lot to do,” said the CFO, who switched from the Berlin start-up Omio to N26 this spring. 

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The CFO is satisfied with the latest round of financing, which N26 concluded in October at a valuation of $ 9 billion despite the negative headlines surrounding BaFin. “I feel very comfortable with a more than doubled rating of N26 compared to the last round two years ago.” 

Just recently N26 has given up the US business so it is able to focus on the European market. This means that around 500,000 customer accounts will be closed and these can no longer be used from January 11, 2022.