EFTA00810510Set 9
2017-06-3035p10,753w
essentially replacing the correspondent banking model. Larger customers, including
some banks (such as N26), have started moving to that new infrastructure. So Current FMV: $411.8M
really, they are just ... hired a new VP of
of that amount invested in three companies - Breather, N26 and Kalo (formerly Marketing to further build the demand side and amplify Breather's brand with ... VALAR
EFTA00810512
VALAR SUMMER 2017 UPDATE
Fund 2 Review
At the end of 2016, N26 received its full banking license from BaFin (the German Given N26's ambitions to grow
https://www.justice.gov/epstein/files/DataSet%209/EFTA00810510.pdf
EFTA01034618Set 9
2019-04-013p708w
From: J <jeevacation@gmail.com>
To: Richard Kahn
Subject: Re: N26
Date: Mon, 01 Apr 2019 12:46:51 +0000
Valuation
On Mon, Apr 1, 2019 at 2:42 PM Richard Kahn ... with free current accounts as it expands outside Europe.
In a change of strategy, N26 has decided not to offer its
clients a wide range of other banking products ... expansion will take precedence over product
expansion," said Markus Gunter, chief executive officer of N26's
banking arm, in an interview. "Some people claim you can't make
money from
https://www.justice.gov/epstein/files/DataSet%209/EFTA01034618.pdf
EFTA01029045Set 9
2019-02-065p1,259w
Andrew McCormack < > wrote:
Yes, we did close the N26 sidecar.
There's a lot of interest in our new funds (we are also raising a later stage vehicle ... jeevacation@gmail.com> wrote:
And did you close your n26 sidecar
On Wed, Feb 6, 2019 at 8:52 AM Andrew McCormack < wrote:
These are unaudited and still subject review. I would ... leevacation@gmail.com> wrote:
andrew. waiting for the year end numbers. I see n26 has done very wel. what about stash and the
balance . hope you are well
https://www.justice.gov/epstein/files/DataSet%209/EFTA01029045.pdf
EFTA00810400Set 9
74p35,162w
TransferWise) have already achieved
valuations in excess of a billion dollars and three (Breather, N26 and Stash) have already achieved
valuations in excess of a quarter of a billion dollars ... high-margin businesses
focused on massive markets, such as currency transfer (Transferwise), banking (N26, Qonto), commercial
real estate (Breather), insurance (Jetty, Coya), investing/retirement savings (Stash), accounting software
(Xero), and human ... approximately 52% of Fund 2 committed capital has been invested in three companies (Breather, N26
and Kalo), with Breather reaching the fund's concentration limit of 25%. And in Fund
https://www.justice.gov/epstein/files/DataSet%209/EFTA00810400.pdf
EFTA00810474Set 9
35p3,768w
Gross & Net): 42.6% / 33.3%
% of Fund Invested / Reserved: 100%
Performance Drivers: N26, Breather, Kalo, Even
VALAR / 6
EFTA00810480
Valar Fund 2 / Performance Drivers
N26
Mobile Banking Made Easy
$
VALAR
EFTA00810481 ... Valar Fund 2 / Pcrionnanec Dri
N26 Updates
✓ Exceeded projections in Q3, reaching £3.9M in
monthly revenue in August.
✓ Adding over 100k new customers per month, passing
2.2M total
https://www.justice.gov/epstein/files/DataSet%209/EFTA00810474.pdf