German digital bank startup N26 plans IPO after raising over $900 million at a $9 billion valuation

As you may recall, we reported back in October 2021 after the Peter Thiel-backed mobile bank startup N26 raised over $900 million in funding, tripling its valuation to more than $9 billion in just one year.

Fast forward four months later, the German digital bank is gearing up for an IPO. N26 co-CEO Maximilian Tayenthal told CNBC that N26 is planning for an initial public offering (IPO) by the end of 2022. “By the end of the year, N26 will be structurally IPO-ready,” Tayenthal said in an interview Monday on the sidelines of the Mobile World Congress technology conference.

The Berlin-based N26 offers fee-free checking accounts through an app, competing with traditional lenders in addition to rival fintech firms such as Revolut. The company’s last funding made N26 the highest valued fintech in Germany and ranked it amongst the top 20 fintechs in the world.

N26 investors include renowned New York-based tech investors Third Point Ventures and Coatue Management,  and Coatue and billionaire PayPal co-founder Peter Thiel. Tayenthal said that N26′s stock market debut could take place as early as 2024. But added the startup is in no rush to list.

“We are not stressed to enter the public markets anytime soon,” N26′s boss said. “The private markets have proven to be incredibly liquid.”

Founded in 2013 by Valentin Stalf and Maximilian Tayenthal, N26 offers mobile banking solutions to customers in the European Union through its subsidiary. The startup currently has over 5 million customers in 25 markets. To date, N26 has raised more than $1.8 billion from the world’s most established investors, including Insight Venture Partners, GIC, Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Greyhound Capital, Battery Ventures, and others.