German challenger bank N26 is reportedly weighing up a new funding round next year, which could put its valuation above $3.5bn.
The FinTech has been in touch with potential advisers, but this is very early stage and does not mean the bank will pursue it, according to a report from Bloomberg which cites people familiar with the matter.
This investment could also be N26 final one before it positions for a public launch in 2022, it said.
A spokesperson for the company said there are no concrete plans for funding or an IPO.
N26 extended its Series D round in May 2020 with an additional $100m to strengthen its position during the coronavirus pandemic. There were no new investors to the round, with all of the initial Series D backers contributing.
The FinTech originally closed the series round on $300m in January 2019 at a valuation of $2.7bn. A few months later and the challenger bank upped the round to $470m, which also increased its valuation to $3.5bn.
Investors to the round include Insight Venture Partners, GIC (Singapore sovereign wealth fund), Tencent, Allianz X, Peter Thiel Valar Ventures, Earlybird Venture Capital, and Greyhound Capital.
The bank has been helping consumers during the pandemic, with a recent study claiming customers in the US have saved an average of $2,102 due to the pandemic. ?
