N26 Applies for Financial Holding License as Next Step Towards IPO-Readiness
N26 Group today announced that it is applying for a Financial Holding Company license as it takes proactive steps towards a public listing in the future, advancing in its IPO readiness. Having obtained a banking license in 2016 for N26 Bank GmbH, the new Financial Holding license will see N26 become the first financial technology company in Germany to commit to being regulated as a group.
N26 co-founder and Co-CEO, Valentin Stalf has said: “Becoming the first fully-regulated fintech in Germany comes as a natural next step for N26 to change banking for millions of people in the future. Evolving towards a Financial Holding is yet another important part of N26’s development, in line with the changing regulatory landscape.”
With this, N26’s Co-CEO Maximilian Tayenthal and Chief Banking Officer Thomas Grosse will join the Board of Managing Directors of N26 Bank GmbH from 1 April alongside N26 Bank CEO Markus Gunter and N26 Bank CFRO Richard Groeneveld.
Markus Gunter spearheaded the establishment of N26 Bank in 2015 and has led N26 Bank as its CEO to the success it is today. Richard has led the development of N26 Bank’s finance, risk, compliance, and treasury functions with great impact.
In taking on the additional roles of Managing Directors of N26 Bank GmbH, Maximilian and Thomas will work closely with Richard and Markus to build on the foundations and first implementations that are already in place for the financial holding transition. While both have chosen to pursue new opportunities, Markus will continue to support the business through to H2.
N26 co-founder and co-CEO, Maximilian Tayenthal has said: “Both Markus and Richard have played key roles in helping us build a successful, trusted and sustainable business at N26. I am proud that they will continue to be ambassadors and shareholders of N26 for the long-term.”