A multi-level switching power converter includes a string of N upper transistors and a string of N lower transistors, where N is an integer greater than one. The N upper transistors are electrically coupled in series between a first power node and a switching node, and the N lower transistors are electrically coupled in series between the switching node and a reference node. The multi-level switching power converter further includes N−1 flying capacitors, an inductor, a bypass transistor, and a controller. The bypass transistor is electrically coupled between the switching node and the reference node. The controller is configured to (a) control switching of the N upper transistors and the N lower transistors and (b) cause the bypass transistor to operate in its on state in response to all of the N lower transistors operating in their respective on states.