Tencent’s Investment in N26


Davis Polk, Hengeler Mueller, Gütt Olk Feldhaus, Schweibert Leßmann & Partner, Schnittker Möllmann Partners, Osborne Clarke, Hyazinth, Vogel Heerma Waitz, Raue, Taylor Wessing and Gunderson Dettmer advised in the transaction.

The transaction is part of a $160 million Series C financing round that was co-led by Tencent and Allianz X. The funding represents the largest non-IPO equity financing round in the fintech industry in Germany to date.

Founded in 2013, and with an initial product launch in early 2015, N26 is a mobile bank headquartered in Berlin, Germany. N26 has more than 850,000 customers across 17 European markets and over 380 employees, and is one of the fastest growing European banks. Tencent is one of China’s largest and most widely used Internet service portals. Allianz X is the digital investment unit of the Allianz Group, one of the world’s leading insurers and asset managers.

The Davis Polk advised Tencent with Miranda So (Picture), Sam Kelso, Abhishek Kolay. Partner Luigi L. De Ghenghi and counsel Christopher M. Paridon are providing regulatory advice.

Hengeler Mueller advised Tencent with Emanuel Strehle (M&A), Dr. Christian Schmies (Banking), Vera Jungkind (Privacy), Christian Hoefs (Employment), Patrick Wilkening (IP/IT); Aris Marinello, Daniel Illhardt (M&A), Michael Born (Banking), Matthias Rothkopf (IP/IT), Deniz Tschammler (Privacy) and Anne Broll (Employment).

Gütt Olk Feldhaus advised Allianz X with Heiner Feldhaus (Corporate/M&A), Thomas Becker (IP/IT), Adrian von Prittwitz, Isabelle Vrancken and Christine Schneemann (M&A).

Schweibert Leßmann & Partner advised Allianz X with Rüdiger Hopfe (Employment).

Schnittker Möllmann Partners advised Greyhound Capital with Peter Möllmann, Ansgar Frank (M&A).

Osborne Clarke advised N26 with Nicolas Gabrysch, Till-Manuell Saur, Sophie Hoffmann (M&A)

Hyazinth advised Horizons Ventures with Timm Theilmann, Zhuo-Ning Su and Christine Chan (M&A).

Vogel Heerma Waitz advised Axel Springer Plug and Play with Clemens Waitz Claas Hohlweger, Linus Korherr (M&A).

Raue advised Earlybird with Andreas Nelle (M&A)

Taylor Wessing advised Valar Ventures with Volker Baas, Till Christopher Otto (Banking)

Gunderson Dettmer advised Valar Ventures with Nick Harley and Daniel Green

Involved fees earner: Timm Theilmann – Hyazinth; Zhuo-Ning Su – Hyazinth; Peter Möllmann – Schnittker Möllmann Partners; Ansgar Frank – Schnittker Möllmann Partners; Cle­mens Waitz – Vogel Heerma Waitz; Claas Hohlweger – Vogel Heerma Waitz; Linus Korherr – Vogel Heerma Waitz; Andreas Nelle – RAUE LLP; Nicholas Harley – Gunderson Dettmer; Daniel Green – Gunderson Dettmer; Volker Baas – Taylor Wessing; Till Christopher Otto – Taylor Wessing; Miranda So – Davis Polk & Wardwell; Sam Kelso – Davis Polk & Wardwell; Abhishek Kolay – Davis Polk & Wardwell; Luigi De Ghenghi – Davis Polk & Wardwell; Christopher Paridon – Davis Polk & Wardwell; Emanuel Strehle – Hengeler Mueller; Aris Miro Marinello – Hengeler Mueller; Daniel Illhardt – Hengeler Mueller; Christian Schmies – Hengeler Mueller; Michael Born – Hengeler Mueller; Vera Jungkind – Hengeler Mueller; Deniz Tschammler – Hengeler Mueller; Christian Hoefs – Hengeler Mueller; Anne Broll – Hengeler Mueller; Patrick Wilkening – Hengeler Mueller; Matthias Rothkopf – Hengeler Mueller; Nicolas Gabrysch – Osborne Clarke; Till-Manuell Saur – Osborne Clarke;

Law Firms: Hyazinth; Schnittker Möllmann Partners; Vogel Heerma Waitz; RAUE LLP; Gunderson Dettmer; Taylor Wessing; Davis Polk & Wardwell; Hengeler Mueller; Osborne Clarke;

Clients: Tencent Holdings Inc.; Earlybird Venture Capital GmbH & Co. KG ; Horizons Ventures Limited; Greyhound Capital; N26 Gmbh; Axel Springer Plug and Play; Valar Ventures;

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Author: Michael Patrini