N26 Co-CEO Stalf to Leave Role After Investors Push for Change

Valentin Stalf is stepping down as co-CEO of N26, as investors push for a shakeup after the country’s financial regulator identified fresh deficiencies in the German digital bank’s internal controls.

Stalf will leave his role and join the group’s supervisory board, according to a statement. Co-founder and co-CEO Maximilian Tayenthal will retain his leadership role, the statement said.

The move comes after some investors urged the duo to step down after watchdog Bafin submitted a report criticizing the firm’s controls, Bloomberg reported previously. Participants in N26’s series E fundraising round, which was led by Third Point Ventures and Coatue Management, ...