N26, the German banking startup, will be ready for an IPO by the end of the year, according to co-CEO Maximilian Tayenthal, CNBC reported Tuesday (March 1).
The stock market debut might happen in 2024, according to Tayenthal. But the company isn’t in a rush. He said they are “not stressed to enter the public markets” any time soon, as private markets had been “incredibly liquid.”
Tayenthal founded the company in 2013 with Valentin Stalf, a longtime friend.
N26’s services include fee-free checking accounts through an app that competes with established lenders and other fintechs.
The company recently pulled in $900 million in fresh funding to go beyond retail banking into areas like cryptocurrency and stock trading.
N26 has been reevaluating its move to becoming a publicly listed company, as stock traders have begun to worry about higher interest rates and other world events.
CNBC writes that there have been some companies wary of going public because of all that.
Read more: Wall Street Jitters Over Market Volatility Put IPOs on Ice
PYMNTS wrote about this issue, too, saying that the arena for IPOs has largely been sidelined due to the worries.
Startups have also been turning to private equity to get funding.
Industry pundits have said it might be “months” before there’s a rebound in the valuations, with wild swings in the market complicating things.
“Everything is on hold at the moment,” Derek Dostal, a capital markets partner at the law firm Davis Polk, said recently, according to the report, adding that there just weren’t many companies wanting to spend two weeks “at a roadshow” with the market the way it is.
According to data, only 13 companies notched $2.1 billion in the U.S. in IPOs this year, compared with $20 billion from the same time last year.
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