N26

German mobile bank offering checking accounts, savings, investments, and crypto to 8M+ customers across 24 European markets and the US.

FintechGermany·Founded 2013·RSU equity·n26.com ↗

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Source review Jun 2026 — source URL pending

Reference estimate only

4 methods · Source review Jun 2026 — source URL pendingLow confidence (22%)

The four valuation methods disagree significantly (14.2× spread). Treat this as a wide reference range only — not a reliable point estimate.

$9B

Range suppressed — methods disagree too widely (14.2× spread)

Implied per-share: $37.7 · vs last primary 0%

No verified public secondary-market signal available for N26. The estimate relies on last confirmed financing, peer multiples, sector momentum, and time decay.

Valuation basis:Last primary roundSource review Jun 2026 — source URL pending

Last primary round

$9B

Series E · 57mo ago

Secondary signal

—

No verified secondary signal

No verified public secondary signal is available. Hiive/Forge links are monitoring links only, not evidence of a current executable price.

Headcount

1,500

employees · LinkedIn-12%

LinkedIn count — directional proxy only. Historical figure sourced via Wayback Machine; treat ±15% as normal variance.

Revenue (est.)

$250M

annual run rate · est.

Complete company data

Every input we use, where we got it from, and how much we trust it.

⚠

Source review: key primary-round source URL still pending. Figures are retained as historical reference and marked low-confidence where applicable.

Field	Value	Source & Verification	Confidence
Company fundamentals
Sector	Fintech	Editorial classification	high
Headquarters	Germany	Company website · Crunchbase	high
Founded	2013	Company website · Wikipedia	high
Website	n26.com	Direct	high
Last primary round
Post-money valuation	$9B	FT Oct 2021[source URL pending]	medium
Round name	Series E	FT Oct 2021	high
Date	2021-10-15 (57 months ago)	FT Oct 2021	high
Lead investor	Third Point Ventures	FT Oct 2021	high
Amount raised	$900M	FT Oct 2021	medium
Capitalization
Total fully-diluted shares	240M	Derived/estimated — SEC Form D filings, secondary price math, cap-table summaries[estimated — not authoritative] › notes Public total fully-diluted share count: estimated from SEC Form D filings, secondary-market pricing math (implied valuation ÷ price per share), and leaked cap-table summaries. Considered the lowest-confidence input.	low
Implied share price (illustrative only)	~$38	$9B anchor × 1000 ÷ 240M shares[derived] › notes Wide method spread — treat as illustrative mechanics only. The last primary round is a more reliable anchor for high-stakes decisions.	low
Primary equity type granted	RSU	Public reports of company equity practices	high
Financials
Annual revenue (est.)	$250M	Estimated — best available public estimates (Sacra, The Information, company ARR disclosures, press reports)[estimated — not independently verified] › notes Annual revenue: best public estimates from Sacra, The Information, WSJ leaks, or company-stated ARR. Where official, we cite the source on the funding round.	medium
EV / Revenue (implied)	36.0x	Computed from valuation ÷ revenue[derived]	medium
Headcount
Employees (now)	1,500	LinkedIn — current company page count › notes Headcount: LinkedIn 'Company' page employee count, taken now and approximately 12 months ago via the Wayback Machine. Treat as a directional proxy for revenue growth, not a hard number.	medium
Employees (12 months ago)	1,700	LinkedIn company page — historical snapshot via Wayback Machine[estimated — ±15% directional proxy]	medium
12-month headcount growth	-12%	Computed[derived]	medium
Methodology inputs
Sector ETF proxy	FINX	Editorial choice — most representative public ETF › notes Sector ETF: editorial choice of the most representative public-market proxy. Annual return: 3-year trailing average from Yahoo Finance, refreshed quarterly.	medium
ETF annual return (trailing 3-yr)	14%	Yahoo Finance · refreshed quarterly	medium

Funding history

Primary rounds reported in Bloomberg, WSJ, TechCrunch, Reuters, or SEC Form D filings (efts.sec.gov). Linked per round below.

Valuation progression (equity rounds)

Valuation progression · equity rounds

$9.0Blatest · Series E

Total growth

45×

Primary round

Down round

Series E+157%2021-10-15

$9.0B

Led by Third Point Ventures · raised $900M

Source: FT Oct 2021(source URL pending)

Series D (ext.)+0%2021-01-12

$3.5B

Led by Coatue Management · raised $100M

Source: TechCrunch Jan 2021(historical ref.)

Series D+379%2019-07-01

$3.5B

Led by Tencent / Insight Partners · raised $470M

Source: FT Jul 2019(historical ref.)

Series C+265%2018-01-10

$0.7B

Led by Allianz / Tencent · raised $160M

Source: TechCrunch Jan 2018(historical ref.)

Series B2016-03-01

$0.2B

Led by Horizons Ventures · raised $40M

Source: TechCrunch Mar 2016(historical ref.)

Secondary market signals

Secondary market signals: bid/ask/trade indications from Hiive (hiive.com), Forge Global, Caplight Index, and tender prices reported in the press.

No active listings found

We monitor Hiive, Forge Global, and EquityZen for N26 listings. As of July 2026, no verified secondary market activity has been recorded.

Secondary listings for private companies appear without announcement and typically close within days. When a listing appears, it often signals an upcoming tender offer or funding round.

Primary round history as valuation signal

In the absence of secondary market data, the funding history below is the primary valuation anchor. Method C (time-decay) uses this data to estimate current value.

Series E · 2021-10$9B

Series D (ext.) · 2021-01$3.5B

Series D · 2019-07$3.5B

Get notified when a listing appears

Pro subscribers get notified within 2 hours when a secondary listing for N26 is detected. Most employees first hear about tender offers days after the market already knows.

Get listing alerts →

Check directly: Hiive ↗ · Forge Global ↗ · SEC Form D ↗

Public peer comparables

Public peer comparables: editorial selection of public companies with the closest business model. EV/Revenue and growth from public 10-Q filings and Bloomberg, refreshed quarterly.

Ticker	Company	EV / Revenue	Revenue growth	As of
GPN	Global Payments Inc.	2.26x	+63%	2026-07-09
MA	Mastercard Incorporated	13.53x	+16%	2026-07-09
NU	Nu Holdings Ltd.	8.5x	+44%	2026-07-09
SOFI	SoFi Technologies, Inc.	5.82x	+43%	2026-07-09
V	Visa Inc.	15.36x	+17%	2026-07-09

Confidence breakdown

How much we trust each of the four valuation methods for this specific company, and why.

Method A — Peer-multiple

weight 25%suppressed23% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

Growth-weighted peer EV/Revenue: 6.8x → 25% private-company discount → 5.1x on $250M revenue. Output implies less than half the recent market anchor ($9B) — this company is likely valued on optionality / non-revenue factors and Method A is structurally less reliable here.

Method B — Secondary-implied

weight 45%suppressed25% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

No verified secondary market data available — estimate relies on primary round, peer multiples, and sector momentum.

Method C — Primary time-decay

weight 20%suppressed20% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

$9B round (2021-10-15) × 2.37× growth × 0.85× multiple decay over 4.7 years

Method D — Sector momentum

weight 10%suppressed10% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

$9B × (1 + 14% p.j.)^4.7yr = $16.7B via FINX ETF-proxy

Overall confidence

22%

Weighted average of the four methods. Above 60% is high, 35–60% medium, below 35% low.

Low

Worked example for an employee

Illustrative mechanics only — this shows how the equity model works, not a reliable value estimate.

Illustrative mechanics only

This example shows equity mechanics only. It is not a reliable estimate of current value because model support is weak (confidence 22%, spread 14.2×).

Show illustrative values (not a reliable estimate) ▸

Profile: a hypothetical employee who joined N26 24 months ago (2024-07-10) with 2,000 units, on the standard 4-year vesting schedule with a 1-year cliff.

Vesting

1,000 of 2,000

50% vested at month 24

Implied share price (mid)

$38

weighted average of 4 methods — low confidence

Gross vested value

$37,673

vested shares × implied price

Net value

$37,673

no strike, gross = net

Tax (rough)

$4,289

US federal only · AMT risk: low

What if the next round is…

Up round +30%

$42,587

New round at +30% valuation, 15% new shares issued

Down round −30%

$21,976

New round at −30% valuation, 20% new shares (higher dilution in distress)

Secondary today

$32,022

Sale on the secondary market at the typical 15% discount to the mid estimate

These illustrative values use the same calculation engine as the live calculator, but the underlying model is low-confidence for N26. Use your own numbers as a starting point only. Try the calculator →

Transparent assumptions

What we assumed where exact data isn't available. If any of these don't match your situation, the numbers above will be off.

Fully-diluted share count

240M shares

We don't have authoritative cap-table access for private companies. The number above is reconstructed from SEC Form D filings, secondary-market price-vs-valuation math, and leaked share-class summaries. Actual fully-diluted count (including unvested option pool and SAFEs) may differ by 5–15%.

Common-stock waterfall

1.0× to common

We assume a clean common-stock outcome — i.e. preferred-share liquidation preferences and ratchets do not extract value before common. In a down-exit, this assumption can be very wrong: preferred stack can take 30–70% of proceeds.

Private-company illiquidity discount

25% off public peers

Applied to Method A (peer-multiple). Per-company because category leaders with deep secondary markets and a clear IPO path warrant a smaller discount than early-stage names. The literature range is 10–35%; for N26 we use 25% based on secondary-market depth, valuation history, and proximity to liquidity.

Revenue growth assumption (Method C)

20% YoY

Compounded forward from the last primary date to today to estimate the company's value drift. Set per-company based on disclosed or reported ARR trajectory. Method C is further capped at 1.3× the most recent secondary trade (if any) to stop runaway extrapolation when revenue growth outpaces what the market is actually paying.

Sector ETF momentum (Method D)

FINX @ 14%/year

Method D applies the trailing return of FINX as a market-proxy adjustment to the primary valuation. Crude — meant as a tiebreaker when peer and secondary data conflict, not as a primary signal.

Outlier auto-downweight

Methods >50% from median get ½ weight

Robust-statistics safety net: any method whose output strays more than 50% from the median of the other three methods has its confidence weight halved when computing the blended mid-point. Prevents a single bad extrapolation from dragging the headline.

Recency decay for secondary trades

180-day half-life (e⁻ᵈ/¹⁸⁰)

A trade from 30 days ago counts ~5× more than one from 180 days ago. Tunable; some platforms use shorter half-lives.

Tax estimate

US federal only, single filer

Uses 2024 US federal brackets, ignoring state tax, NIIT, AMT credit recovery, and any other deductions. Treat as a directional sanity check, not a tax bill.

All data from public sources. Not investment, tax, or legal advice. Not affiliated with N26. Last refreshed manually — see methodology for our update cadence.