N26's co-founder, Valentin Stalf, announces his departure from the company.

N26 Announces New App Design, CEO Transition, and Expansion Plans

German digital bank N26 is set for a series of significant changes, as co-founder Valentin Stalf steps down as co-CEO and joins the supervisory board after a transition period. Max Tayenthal will now serve as the sole CEO of the company.

Stalf's departure comes amidst investor pressure and ongoing issues with the financial regulator BaFin. Marcus Mosen may be appointed as interim co-CEO following Stalf's departure.

N26 has faced challenges in the past, with the nearly three-year cap imposed by BaFin on its growth costing the digital bank billions in lost valuation, including a shutdown of its U.S. operations in 2021. However, the bank has shown resilience, breaking even and delivering 40% revenue growth in its past financial year, with annual revenues exceeding €500 million.

In a bid to further strengthen its position, N26 is set to unveil an all-new app design focused on holistic wealth management. The bank is also planning to launch a new premium subscription with exclusive partners and introduce products for families, including a child's account, card, and investment functionality.

The bank is not stopping there. Stalf expects two more executives to join the management board over the coming six to 12 months. Jochen Klöpper is set to start as N26's chief risk officer in December.

Stalf and Tayenthal together hold a roughly 20% stake in the company. In a move to ensure greater accountability, they may waive their special voting rights that give them veto power over certain decisions. This decision is expected to be made after a period of roughly six months.

The changes at N26 are not unique in the fintech industry. U.K.-based fintech Wise held a referendum on investors who hold so-called "golden share" supervoting powers, demonstrating a growing trend towards transparency and accountability in the sector.

As N26 moves forward, it will continue to navigate the complex regulatory landscape while striving to provide innovative financial services to its customers. With its new leadership and expansion plans, the digital bank is poised to continue its growth and impact in the fintech industry.