One of the co-founders of German challenger bank N26 is stepping down as CEO due to reported disagreements with investors over how the founders handled regulatory matters.
Valentin Stalf, a co-founder of N26, Germany’s leading fintech, with Maximilian Tayenthal in 2013, will transition to a role on the bank’s supervisory board. Tayenthal, formerly co-CEO with Stalf, will continue as CEO, according to N26.
The executive shift arises after reports from Germany’s Manager Magazin indicated investor dissatisfaction, following threats of penalties from BaFin, Germany’s financial regulator, against N26 last month.
N26, valued at $9 billion in 2021, had previously faced BaFin sanctions in 2021 for inadequate anti-money laundering measures.
N26 stated the co-founders will retain nearly 20 percent of the company’s shares and have introduced several new leadership team members.
Stalf commented: “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.”