Neobank N26, legally organized as a GmbH (limited liability company), will be transformed into an AG (joint stock corporation). Accordingly, a supervisory board will be established. Being a joint stock company, the prerequisites would be created to be able to transform it into a European company (Societas Europaea, SE) in the future, N26 explained.
“The conversion to an AG reflects N26’s growth and position as a leading digital bank in Europe.” At the same time, it added that the new structure gives N26 more flexibility to drive its corporate strategy.
With the change in legal form, N26 is likely to fuel speculation about a possible IPO. A few weeks ago, co-founder Valentin Stalf referred to the poor environment, which currently makes it difficult to go public. The manager stated, that the company would break even in the next two years. He said it is only a good time for an IPO when profitability is within reach. “However, it will certainly take a few more years – also because of the difficult stock market environment – before we possibly go public.”