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Peter Thiel-backed German neobank N26 is reportedly eyeing an initial public offering in 2024.
N26 Co-Chief Executive Officer Maximillian Tayenthal told CNBC in a recent interview that his company will be “structurally IPO-ready” by the end of 2022. The news outlet didn’t say which exchange N26 was considering for an IPO.
The digital bank, which provides banking services through a mobile app, raised $900M in a funding round in October, giving it a valuation of over $9B. The round was led by Third Point Ventures and Coatue Management and joined by Dragoneer Investment Group.
N26’s other leading investors include Peter Theil’s Valar Ventures, Insight Venture Partners, Singapore’s sovereign wealth fund, Tencent, Allianz X, Li Ka-Shing’s Horizon Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital.
Tayenthal said the company could IPO as early as 2024, but is in no rush. He added that the licensed bank was not concerned about possible interest rate hikes and that a dramatic hike would allow the business to become “self-sustaining.”
“We are one of the companies that actually have a hedge on rising interest rates,” Tayenthal told CNBC. “N26 is a liquidity-generating machine.”
CNBC noted that the bank reported a net loss of 150.7M euros for 2020.
In January, N26 stopped offering services to customers in the US, stating that it had decided to focus on its European business.
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