章节大纲

    • PP Slides EFP Lesson 2 文件

    • Case Study: N26 (50 mins)

      Practical Analytic Exercise

      INVESTOR MEMO TASK

      Scenario

      You work for a venture capital fund in Frankfurt.

      Your investment committee is considering an investment in N26.

      You must prepare an investment recommendation.

      Student Worksheet

      Company Snapshot

      • Founded: 2013
      • HQ: Berlin
      • Digital-only bank
      • European neobank
      • Full German banking licence
      • 7M+ customers (2021)
      • $900M+ Series E round
      • $9B valuation (2021)
      • Revenue increasingly driven by interest income and subscriptions

      Group Task (2-3 students)

      Evaluate N26 using:

      1. Revenue Model

      Strong or weak? Why?

      2. TAM/SAM/SOM

      How large is the realistic opportunity?

      3. Scalability

      Can this business scale profitably?

      4. Funding + Valuation

      Fairly valued or overvalued?

      5. Moat

      What protects them from competitors like Revolut?

      6. Exit Potential

      IPO, acquisition, or neither?

      7. Regulatory Risk

      What is the biggest compliance threat?

      Final Decision

      Would you invest?

      Choose:

      • Strong Buy
      • Buy
      • Hold
      • Avoid

      Students must justify with evidence.


    • Investment Committee Presentation

      Each group gives:

      3-minute investor pitch

      Structure:

      • Our recommendation is…
      • The strongest investment argument is…
      • The biggest red flag is…
      • Our valuation concern is…
      • Our final decision is…

      Other groups can challenge them like real investors.

      Example:

      “Why do you believe profitability is achievable?”

      “Why is IPO more likely than acquisition?”


    • Reflection Questions

      • Which metric matters most in fintech?
      • Is growth more important than profitability?
      • Would you personally invest?

    • Extension Activity

      Compare:

      N26 vs Revolut

      in terms of:

      • profitability
      • banking licences
      • valuation realism
      • IPO readiness