One of the co-founders of German challenger bank N26 is standing down as CEO, following reports of a dispute with some of its investors over the founders' handling of regulatory issues.
Valentin Stalf, who co-founded N26, Germany’s most valuable fintech, with Maximilian Tayenthal in 2013, is moving to a position on the German challenger bank’s supervisory board. Tayenthal, who was co-CEO with Stalf, will remain as CEO, N26 said.
The executive change follows reports, first published by Germany’s Manager Magazin, that some of its investors were agitating for the co-founders to leave, after BaFin, the German financial regulator, threatened to hit N26 with penalties last month.
The German challenger bank, last valued at $9bn in 2021, had also been hit with BaFin sanctions in 2021 for its poor anti-money laundering controls.
N26 said the co-founders will continue to hold almost 20 per cent of the shares of N26, which has also announced several new appointments to its leadership team.
Stalf said: "My move to the supervisory board is a forward-looking decision to continue to best utilize my many years of experience and knowledge to strengthen N26."
N26 co-founder Valentin Stalf exits CEO role following investor row
Stalf's exit follows reports of a row with N26 investors relating to regulatory issues.
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