December 3, 2019 / 10:02 AM / 6 days ago

German fintech N26 targets IPO in 4-5 years -exec

BERLIN, Dec 3 (Reuters) - German fintech N26, valued at $3.5 billion in its latest funding round, views a stock market listing as an attractive option, but rather in 4-5 years than in the short-term, its Germany head told Reuters.

“We have no pressure, not even from our investors,” Georg Hauer said, adding that an IPO would be a possibility if the company came to the conclusion that a such deal would be the best way to finance its expansion.

Berlin-based N26 is adding up 10,000 clients a day and currently counts 3.5 million customers.

The start-up is working towards covering the bulk of its costs from its cash-flow, Hauer said, adding that N26 does not have a specific deadline when it wants to break even.

N26 in July raised $170 million, driving up its valuation to $3.5 billion, as the online bank looks to speed up expansion to markets outside Europe including the U.S. Investors include Tencent and Allianz’s digital investment unit. (Reporting by Rene Wagner Writing by Arno Schuetze Editing by Riham Alkousaa)

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