April 19 Reuters A unit of Allianz SE has put its stake in German online bank N26 up for sale at a steep discount, valuing the lender at 3 billion, the Financial Times reported on Wednesday.

The venture capital arm of Munichbased insurance group Allianz X has mandated an adviser to sell about 5 in N26 at a discount of around 68 to the more than 9 billion it was valued at in 2021, the report said, citing people familiar with the matter.

The 900 million funding round made N26 one of Europe39;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.

N26 is not currently aware of any ongoing secondary sales from existing investors, including from Allianz X, who came on board as lead investors in our Series C round, the online lender said in a statement.

Allianz did not immediately respond to a Reuters request for comment.

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.

N26 last year reported a widened loss of 172 million euros 188.5 million for 2021 and a slowing in customer growth, capping a year of setbacks including a fine from Germany39;s financial regulator for lapses in moneylaundering controls.

1 0.9127 euros

Reporting by Kanjyik Ghosh in Bengaluru; Editing by Sonia Cheema

Source Reuters