Allianz puts N26 stake up for sale at $3 billion valuation – FT

(Reuters) – A unit of Allianz SE has put about 5% of its stake in German online bank N26 up for sale at a steep discount, valuing it at $3 billion, the Financial Times reported on Wednesday.

The venture capital arm of Munich-based insurance group Allianz X has mandated an adviser to sell the stake, at a discount of about 68% to the more than $9 billion N26 was valued at in 2021, the report said, citing people familiar with the matter.

The $900 million funding round made N26 one of Europe’s most valuable fintechs, behind rivals like Klarna and Revolut.

Allianz X is one of the largest external investors in N26, according to the FT report, but it is not immediately clear how much it holds in the fintech company.

The stake sale could help Allianz realise almost $160 million, meaning it would still more than triple its investment over five years, FT said, citing calculations based on public filings.

The sale follows banking regulators keeping a close watch on the financial health of lenders after the failure of regional U.S. banks and Credit Suisse’s rescue by UBS.

Allianz and N26 did not immediately respond to Reuters’ request for comment.

(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Sonia Cheema)