Date: 18/10/2021
Media: CNBC Tech news
What happened?
Berlin-based fintech firm N26 has raised $900 million in a new funding round led by Third Point and Coatue. The round values the eight-year-old start-up at $9 billion, higher than the market cap of Germany’s second-biggest listed bank. N26 expects it will be ready to go public within the next 12 to 18 months, co-CEO Maximilian Tayenthal said.
Whom and where it affects?
It directly affects the German stock market, and the rest of European countries with the ‘fintech’ phenomenon, which facilitates the demand and supply of financial services between European countries, this undoubtedly contributing to the development of a true single market in Europe.
What sort of public or private institutions are involved?
- Central European Bank.
- BaFin, Germany’s financial services regulator.
- Deutsche Bundesbank.
- Deutsche Boerse.
- Other fintech companies.
Why is it important for Banking and Finance?
The principal motive that will affect in Finance and Banking is that this European start-ups and other like this is seeking to challenge established banks with app-based checking accounts and little to no fees. This will be an aspect that could be change the form of the banking structure currently.
What do you think will be the consequences in the foreseeable future?
The idea of the company is spends the cash on hiring 1,000 people globally and on launching new features like cryptocurrency trading, because is a business that it´s booming more and more. The objective is bring in more people with a focus on product, technology and security.
Key Words: Fintech, Germany, Financial services, Stock exchange, DAX, ECB, Financial leeway, stock options.