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A millionaire former executive at one of London’s biggest tech investment firms has been fired from the company after a sexual assault charge.

Stefan Glänzer, co-founder of Passion Capital, will appear in Westminster Magistrates’ Court on Thursday charged with one count of sexual assault by touching, according to the Metropolitan Police.

One of the country’s leading tech investors, Passion’s venture capital investments include app-based bank Monzo and insurance startup Marshmallow, and has also secured taxpayer-backed funding through the British Business Bank.

Glänzer launched Passion in 2011 alongside Eileen Burbidge and Robert Dighero, who now run the company. Glänzer left in 2018 and did not have “an active role”, Passion said, but he remained a limited partner in some of his funds.

Glänzer had made millions founding and running businesses including German online auction site Ricardo and music recommendation site Last.fm.

The Met said in a statement: “Stefan Glänzer, 60, of Kensington Park Gardens, W11, was arrested in September 2021 following an allegation made to police in June of that year.

“On Monday, March 7, he was charged by postal requisition with one count of sexual assault by touching.”

In a statement, Passion Capital said it was “removing its involvement and membership in all Passion entities it held from its previous role”, and would seek to limit its financial rewards.

The statement said: “As we continue to review our legal position and options to hold him accountable for bringing the company into disrepute and allegedly behaving in a manner completely inconsistent with our values, we present our sincere apologies to all of our portfolio company founders and teams, co-investors and impacted fund investors – and especially any casualties.

“Our deep regret is that we did not act sooner to break all agreements and revoke Mr. Glänzer’s rights. To be very clear, we unequivocally condemn any form of assault or harassment in any situation and there are no words to describe the shame we feel for not speaking up and doing more to break up all the links as soon as we learned of the allegations last month. ”

A British Business Bank spokeswoman said she was a limited partner in Passion’s fund operation and had no direct involvement in their management. “As limited partner, the bank supported Passion Capital in its actions to remove Stefan Glänzer from these funds.”

Glänzer did not respond to a request for comment.

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