Latest news with #ValentinStalf
Finextra
2 days ago
- Business
- Finextra
N26 investors bid to oust co-CEOs after watchdog's criticism
Investors in N26 are working to remove the German digital bank's founders as co-chief executives after regulator BaFin once again identified risk management failings at the fintech, according to the Financial Times. 0 Backers are negotiating a deal that would see Valentin Stalf leave his role as co-CEO by September 1, with his fellow founder Max Tayenthal out by December 31, says the FT, citing sources. N26's supervisory board chair Marcus Mosen would step in as interim co-chief executive. Investors have moved to oust the founders after a BaFin special audit found "weaknesses in the internal control systems, processes and overall organisation," N26 stated in its annual report. The watchdog has indicated that it will issue a formal warning to two members of N26's management board and put in place a special monitor. The latest regulatory scrape comes a year after BaFin finally lifted a cap imposed in 2021 on the number of new customers the lender was allowed to onboard. That cap - along with a €9.2 million fine - was handed down over lax money laundering controls. It was set at 50,000 new customers a month before being increased to 60,000 in 2023, severely limiting growth at Germany's most valuable fintech. According to the FT, the latest issues forced N26 to put a funding round launched earlier this year on hold. The company had planned to buy out investors from its 2021 round who had been guaranteed a 25% annualised rate of return from when they invested. The deal to oust Stalf and Tayenthal would see them waive their special voting rights in exchange for the investors taking a haircut on their returns, says the FT.
Bloomberg
2 days ago
- Business
- Bloomberg
N26 Investors Seek to Replace Co-CEOs After Regulator's Critique
By and Arno Schuetze Save Some investors in N26 are urging the German digital bank's two chief executive officers to step down, following fresh criticism of the firm from the country's financial regulator, according to people familiar with the matter. The investors have proposed waiving some of their returns if Valentin Stalf and Maximilian Tayenthal are replaced, according to people familiar with the matter. While the two executives don't oppose that in principle, an ongoing sticking point is whether or not they join the N26 supervisory board, the people said, asking not to be identified discussing the private information.
Finextra
07-05-2025
- Business
- Finextra
N26 joins Revolut in disrupting the telecommunications market
German neobank N26 is following in the footsteps of Revolut by entering the telecommunications market with the introduction of a digital mobile plan 1 Operating on Vodafone's 5G network, N26's mobile plan entails the issuance of an eSIM that can be activated directly in-app. All plans come with unlimited national calls and text messages, as well as free EU and EEA roaming. Data bundles range from €13.99 per month for 10 gigabits of data to €34.99 for 100GB. On top of their choice of data bundle, N26 SIM customers can also choose between porting in an existing phone number, or getting a new number provided by N26. Customers will also have the ability to cancel their plan with a month's notice, doing away with long fixed-term contracts and binding commitments. Valentin Stalf, founder and CEO of N26, says: 'With N26 SIM, we'll offer flexible and affordable mobile plans that can be activated straight in our app with just a few taps. Together with our network operator Vodafone, our customers can be connected through one of the best mobile networks in Germany, setting new standards in the telecommunications sector.' N26's entry into the telecommunications market comes on the heels of Revolut's mobile plan offer, opening up an additional revenue stream beyond banking. Revolut's new Mobile Plans will offer unlimited texts, calls and domestic data, with a generous 20GB EU and US data roaming and no fixed contract commitment. Set to launch first in the UK and Germany with more markets to follow, Revolut users can join a waitlist to be the first to access and be eligible for an introductory monthly rate of £12.50 a month.
Bloomberg
28-04-2025
- Business
- Bloomberg
Thiel-Backed Fintech N26 to Offer Mobile Service to Boost Growth
N26, the Peter Thiel-backed German neobank, is planning to offer mobile phone contracts to customers as it seeks new avenues for growth, copying a strategy that its larger competitor Revolut introduced last year. 'Germany has some of the most expensive local plans among telecommunication markets in Europe,' Chief Executive Officer Valentin Stalf told Bloomberg News in an interview on Monday. N26 will start offering telecom services in May using one of the top two German mobile networks, he said.
