The Strategist

Allianz plans to sell its stake in fintech startup N26

04/20/2023 - 07:18

German insurance giant Allianz has decided to sell its ownership interest in fintech startup N26, the Financial Times writes.

Daniel Foster
Daniel Foster
According to sources cited by the Financial Times, the German insurance company Allianz has listed its ownership interest in the fintech startup N26 for sale.

Handelsblatt notes that the company's venture capital investment arm, Allianz X, currently owns 5.3% of N26. The corporation wants to sell a portion of its ownership, but it's unclear how much, according to the newspaper.

Sources say that Allianz X gave its consultants an instruction to price its share at a $3 billion estimate for the company's total value. According to the FT, this is 68% less than the valuation given to N26 at its most recent round of funding in October 2021, when investors pegged the startup's value at $ 9 billion.

Handelsblatt writes that the potential sale might be a sign that Allianz is dissatisfied with how N26 has developed. The newspaper suspects that the disclosure of the anticipated sale may be meant to generate pressure from other investors on the neobank’s management or to urge changes in its structure.