N26 cofounder Valentin Stalf is stepping down from his role as CEO of Germany’s most valuable fintech after ten years, following reports of a row with some of the company’s investors.
Recent reports in the Financial Times and German business publication Manager Magazin said some N26 investors were pushing for Stalf and cofounder Maximilian Tayenthal to be ousted, citing growing dissatisfaction with the company’s handling of regulatory issues.
Stalf will now join the company’s supervisory board after an initial transition period, the company said on Tuesday.
The management shakeup comes after the German financial watchdog BaFin identified shortcomings in N26’s risk management of its mortgage business in the Netherlands last year, causing tensions that had been bubbling for years between the cofounders and investors to reach a head.
N26 has had multiple run-ins with BaFin. In September 2021, it was fined €4.25m euros and had its monthly customer numbers capped to 50k after failing to install effective money laundering controls.
Stalf and Tayenthal, who hold roughly 10% each of the company’s shares, have reportedly been in discussions with investors this year to secure a deal that would see them both leave the company.
Tayenthal, N26’s co-CEO and leader of N26’s banking entity, will remain in his positions for the time being.
N26’s chairman of the supervisory board Marcus Mosen is being lined up as N26’s interim CEO, according to the FT.
The bank also said in a statement it is appointing new members to its supervisory board in the coming months. It has also hired a new chief risk officer, Jöchen Klopper, who will begin in December 2025.
N26 was valued at $9bn at its last funding round in 2021, and gave investors a guaranteed 25% annualised rate of return.
Read the orginal article: https://sifted.eu/articles/n26-founder-valentin-stalf-steps-down/
