N26 poaches Google executive for senior regulatory role

The Berlin-based digital bank said Thomas Grosse’s experience across banking and big tech make him the ‘perfect fit’ for the business.

N26 has poached a senior Google executive to oversee the digital bank’s push into the US and other markets.

Banking veteran Thomas Grosse has been appointed as the German firm’s chief banking officer and will “oversee the set-up of regulated N26 banks and bank partnerships within the N26 group,” the business said.

The fintech added that Grosse’s leadership experience and work across financial services and technology put him “in a prime position to support the mobile bank with its global expansion”.

Last month, the Berlin-based bank founded in 2013 with more than 3.5 million European customers, launched mobile banking operations in the US.

‘Global bank’

N26 launched its American service with Californian online bank Axos, offering a checking account and a Visa debit card.   

The start-up lured Grosse away from the US big tech giant, where he was Google’s industry leader in banking in Germany. He was in charge of the US firm’s partnerships with German banks and fintechs, and was also closely involved in the German rollout of Google Pay. 

Grosse will report to N26’s co-founder and chief financial officer Maximilian Tayenthal (pictured, left) when he takes up his post in October.

Prior to Google, Grosse was on the board at German online lender Wüstenrot Bank, overseeing its capital markets, treasury, product and sales divisions. He also was a director at Deutsche Bank, working for its private and corporate customer units. He began his career at US consultancy McKinsey, advising banking and insurance clients.

Tayenthal said: “Thomas is an important addition to the team as we look to the future of N26. With our recent entry into the US market, N26 is just at the beginning of our journey to being a truly global bank. With his deep experience and proven track record in both tech and banking, Thomas is a perfect fit for N26.”

US invasion

Grosse added: “This is a hugely exciting time for the industry, where the worlds of banking, technology and innovation are converging to give people the power to live and bank their way.”

This summer, British-based rivals Monzo, which has over 2 million customers, and Revolut, with around 6 million customers, launched services in the US. N26 opened an office in Brazil in February, and plans to expand its services in South America’s largest country.