It can be risky for a bank to lose their chief of finance and risk. For N26, losing Matthias Oetken as thiers won't be easy. Before joining N26, he was responsible for market risk management at HSH Nordbank. Mr. Oetken has held the position at N26 Bank since July 2016. He plans to leave the company later this year.
N26 Bank, which is a subsidiary of N26 GmbH, is now looking for someone to take over finance and risk management, working alongside Maximilian Tayenthal, the executive holding the position of CFO at N26 Bank. N26's CEO Valentin Stalf thanked Oetken for his „outstanding contribution to the market success of N26“, according to finance-magazin.de.
The Quest For More Money
Oetken is also quite positive about his time with Fintech and N26 Bank, saying it is simply time for him to raise new capital. His departure from the bank has been clear for some time, because the search for a successor is already underway. According to a spokeswoman from the company, N26 Bank has been interviewsing various candidates for several months now.
Until this successor is found, Oetken will be assisting Fintech to ensure „an orderly transition in the management“ over the next few months, says Fintech.
The Banking World
Before his time at N26, Matthias Oetken completed various stages of his career in the world of banking. He began as an apprentice at Commerzbank. After completing his studies, he held management positions at various state banks. Between 2004 and 2009, he was CEO and CFO at the financial services provider HSH Financial MArkets Advisory in Luxembourg. Before N26, he was responsible for market risk management at HSH Nordbank.
Exciting Times For N26
Oetken is making a break from Fintech at an exciting time for the company. N26 recently raised $300 million in financing and gained new investors. This resulted in Fintech's valuation rising to $2.7 billion, making N26 a major playing in the industry.
For the first half of 2019, the bank is poised to enter the lucrative US market. For N26, this marks the second sojourn into a market outside the Euro zone after Great Britain, into which they are now moving. N26 currently has round about 2.3 million customers in 24 countries with cash deposits of over €1 billion.