German FinTech N26 Eyes IPO With Hiring Of New CFO

German neobank N26 hired Dr. Jan Kemper as its new chief financial officer (CFO) as the Berlin-headquartered FinTech looks toward a future initial public offering (IPO).

Kemper will join N26 in the second half of 2021, replacing co-founder Maximilian Tayenthal, who will become co-CEO with Co-Founder Valentin Stalf, N26 said in a press release.

The former CFO of Zalando SE, one of Europe’s most successful eCommerce retailers, Kemper was instrumental in leading the company’s IPO in 2014 on the Frankfurt stock exchange. In his eight years at the startup, he helped grow market capitalization to 11 billion euros from 2010 to 2017.

The new appointment is one of several N26 made in the last six months as the company strategizes for its next phase of growth. Former Adidas AG executive Diana Styles was recently tapped to fill the role of chief people officer. Dropbox leader Adrienne Gormley will become the chief operating officer.

Backed by billionaires Peter Thiel and Li Ka-Shing, N26 launched its first products in 2015 and is among Europe’s most valuable non-listed FinTechs. Its most recent valuation was $3.5 billion, backed by Tencent and Allianz as well as by members of Zalando’s management. 

The mobile digital-only bank now has over 5 million customers, more than twice the number of users than it had in early 2019. The company operates in 25 countries and employs more than 1,500 people.

Following the U.K.’s break from the European Union, N26 ended operations there. 

In an interview with PYMNTS, Lindsey Grossman, director of product for N26, said banks using legacy infrastructures can find it hard to accommodate the escalation in digital transactions.

Cloud-based solutions could provide the digital-first tools customers want without dealing with outdated systems.

Last month, N26 said it was looking to close another funding round before going public in 2023. The company has been focusing on core markets like Germany, France, Spain and Italy, and is planning to continue its expansion across the U.S.