N26 Series E

Let me explain why N26's Series E is a catastrophe wearing a business casual blazer. Third Point Ventures, Coatue just lit $900M on fire for a $9B valuation, which implies they think european neobank hubris is worth more than several profitable public companies. The fintech market is already oversaturated with better-funded, better-positioned competitors, and the moat here is essentially 'we exist.' The unit economics require believing in magic. The exit strategy requires believing in time travel. This isn't investing; it's collaborative fiction writing with wire transfers.