The global redesign is here. Berlin-based challenger bank N26 has raised $900 million in a new funding round, valuing the eight-year-old start-up at $9 billion, higher than the market cap of Germany’s second-biggest listed bank. Deutsche Bank AG remains the largest bank at a market cap of $27 billion.
As that happens in Germany, the largest financial institution in Nigeria is now OPay at a $2 billion market cap; Flutterwave is expected to eclipse that at $3 billion if the rumour becomes a reality.
Good People, this world is being redesigned because software is eating the world and also saving it.
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German digital bank N26 said on Tuesday it has raised $900 million in a new funding round that values the firm at $9 billion.
That’s nearly three times N26?s valuation in its last private fundraising round and means it’s now worth slightly more than Commerzbank, Germany’s second-largest listed lender. Frankfurt-listed Commerzbank has a market cap of 7.6 billion euros ($8.8 billion).
N26, which counts billionaires Peter Thiel and Li Ka-Shing as investors, raised the fresh cash from Third Point, the hedge fund led by U.S. billionaire investor Dan Loeb, and Coatue, while Dragoneer also invested.
Founded in 2013, N26 is one of several start-ups in Europe seeking to challenge established banks with app-based checking accounts and little to no fees. Competitors include Revolut, which was recently valued at $33 billion, and Monzo.
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