The CEO of German banking firm N26 has said the firm will be prepared for an initial public offering by the end of this year.
Maximilian Tayenthal told CNBC that N26 will be ‘structurally IPO-ready’ by the end of 2022. The company has been in existence since 2013.
N26 hit a $9bn valuation in October last year after it raised $900m in an investment round which it claimed to be the largest financing of a digital bank in Europe. The bank is backed by high-profile investors like Peter Thiel.
According to Tayenthal, N26’s stock market debut could take place as early as 2024 – however, he stressed the company is in no rush to get listed, citing the heightened liquidity of the private markets as one reason.
Despite the signs of growth for N26, the company still remains unprofitable. It reported a net loss of €150.7m in 2020, which was down 30.5% from the year prior.
Earlier this year, N26 revealed it is planning to enter the crypto and equities trading markets in 2022. Tayenthal remarked that the company is aiming to launch a crypto trading business this year following by an equities brokerage instead of just ‘putting flags in new markets’.
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