Allianz is looking to sell its N26 stake

According to a report by FT, Allianz has put its stake of about 5% in European banking startup N26 up for sale at a steep discount.

The insurer, which invested in N26 via its venture arm Allianz X, is valuing its stake at $3 billion, significantly lower than the $9 billion valuation the challenger bank fetched during its last funding round in October 2021.

Based on FT calculations, Allianz could end up getting almost $160 million for its stake, which translates to a ~3x return over five years.