German fintech N26 says no new funding needed before it breaks even
Germany’s highest-valued fintech N26 does not need new funding in the foreseeable future as it has enough cash until it breaks even, the company said on Tuesday as it reported a 14 per cent increase in net losses for 2021.
The Berlin-based online bank, which counts Peter Thiel’s Valar Ventures and Hong Kong tycoon Li Ka-shing among its backers, last year raised €780mn in a funding round where it was valued at €7.8bn.
“We’ve bought a lot of freedom with this funding round,” said chief financial officer Jan Kemper, adding that the group wants to reach break-even without having to turn to investors again. He said the firm was “agnostic” over how long this will take, adding that it depended on factors beyond its control. “We are not committing ourselves if this will take 12 months, 24 months or 36 months.”
This story originally appeared on: Financial Times - Author:Olaf Storbeck
