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N26 is holding discussions with investors to raise several hundred million dollars in a fundraising that could value the German fintech at about $10 billion. This is hot on the heels of digital banking rival Revolut raising $800 million from investors including SoftBank at a $33 billion valuation.
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N26 reported net losses of 110 million euros for its most recent financial year, citing investment in new products and staff. The firm, founded in 2013, said in January it had 7 million customers in the U.S. and Europe. The bank has also faced regulatory headwinds including in Germany, where it was told to improve money laundering controls, and the U.K., where it blamed Brexit complications when it withdrew from the market last year.
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