Valentin Stalf, co-founder of European digital bank N26, has exited the Chief Executive role at the banking firm following rumors of an executive shake-up. N26 was founded in 2013 and has grown into a digital bank operating across Europe, employing over 1500 individuals.
Recently, N26 has been criticized by BaFin, the German regulator, for allegedly falling short in its risk management. Not the first time N26 has had a run-in with regulators, in 2021, the bank was penalized for lacking effective money laundering protocols. Bafin imposed a customer cap to punish the firm, with the cap removed in June 2024.
As reported in Sifted, Stalf had been considering moving away from the CEO role as investors and management clashed about goals. It was said that the decision to exit his leadership role was to remove media speculation as the drums pounded louder.
Marcus Mosen, Chairman of the bank’s Supervisory board, is slated to become the temporary CEO while the bank searches for a permanent replacement. Mosen is the former CEO of payments company Concardis.
Stalf will join the supervisory board.
At least for the time being, the other co-founder, Maximilian Tayenthal, is remaining in his co-CEO and COO position.
There have been rumblings that both founders may be ousted from the firm. The Sifted report noted that the two co-founders each hold 10% of the shares.
N26 reportedly became profitable in the 3rd quarter of 2024, reporting a net income of €2.8 million. Revenue rose by 40% in 2024 to $486 million.