German neobank N26 is reportedly planning a fresh fundraising in 2021 as it seeks to increase its valuation to above $3.5bn.

The startup has been discussing the fundraising plan with potential advisers.

However, the talks are at a preliminary stage and no final decisions have been made, Bloomberg reported citing people familiar with the matter.

A spokeswoman for the company said that there “are not yet any concrete plans for another funding round at this present moment nor are there currently any plans or timelines for an IPO in the near future.”

The company is planning to launch an initial public offering (IPO) in early 2022, hence this funding round could be its last.

In May, N26 CFO Maximilian Tayenthal said that the previous funding round valued the company at $3.5bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

He added that he would look for a higher valuation in the next round.

N26 raked in over $100m investment from existing backers adding to its previous $470m funding round from Singapore’s sovereign wealth fund GIC and Insight Partners.

So far, the mobile bank has raised nearly $800m, the Bloomberg report added.

Earlier this year, N26 onboarded as many as 250,000 customers in the US within five months and had a total of over five million customers.

However, in February, N26 bailed out of the UK market in less than 18 months after launch, blaming Brexit.