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Early Spotify investor Dragoneer in talks to back $10bn digital bank N26 | Business News

An early investor in Spotify, the digital music service, is in talks to lead an enormous funding spherical being assembled by one among Europe’s largest digital banks.

Sky News has learnt that Dragoneer Investment Group has been in discussions about injecting a considerable sum of money into N26, which relies in Germany.

The funding would worth N26 at $10bn, making it one of many continent’s most dear fintech corporations.

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Revolut grew to become Britain’s most dear start-up earlier this year

It was unclear on Monday whether or not a deal had been signed or whether or not it might nonetheless falter, though one rival banking trade govt stated they anticipated the deal to occur.

In May 2020, N26 introduced an extension of its Series D funding spherical, with its backers together with a Singaporean sovereign wealth fund, Li Ka-shing’s Horizons Ventures and Insight Venture Partners.

Earlier that year, the company introduced that it was pulling out of the UK market, citing Brexit-related points relating to its European banking licence.

It was unclear, nonetheless, whether or not N26 had made important inroads right into a sector which has turn out to be fiercely aggressive, with competitors from the likes of Monzo, Revolut and Starling Bank.

Revolut grew to become Britain’s most dear start-up earlier this year when it confirmed it was elevating money from buyers at a valuation of greater than $30bn.

N26, which was based in 2013, has greater than seven million clients.

An N26 spokeswoman declined to remark, whereas Dragoneer didn’t reply to an emailed request for remark.

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