N26 founders soon out? Investors demand leadership change, according to media report

N26's founders are coming under investor scrutiny. Is a change at the top looming? What's behind the growing pressure?

Things are brewing behind the scenes at Berlin-based digital bank N26: According to information from Manager Magazin, pressure is growing on founders and co-CEOs Valentin Stalf and Maximilian Tayenthal. A circle of influential investors is reportedly demanding their removal from operational business – both due to ongoing problems with the financial regulator BaFin and disappointing business performance, the magazine reports.

Stalf and Tayenthal founded N26 in Berlin in 2013 and built it into one of Europe's most valuable fintechs. The rapid rise was supported by numerous investors, including prominent international VCs. But now, trust in the founders seems to have run out. As the magazine reports, the only internal question is whether the two will agree to a face-saving exit – a new version of the shareholders' agreement has already been presented to all parties.

One possible scenario would be for Stalf to completely withdraw from day-to-day operations and move to the supervisory board. Tayenthal could remain on the board temporarily until a new CEO is found. Both founders each hold around 10 percent of N26's shares and have special co-determination rights, making a withdrawal by either of them complex.

N26 has already come under BaFin's scrutiny in the past due to inadequate control systems. The financial regulator accused the bank of serious failures in the fight against money laundering and financial crime and appointed a special commissioner in 2021. Under his supervision, N26 was allowed to accept a maximum of 50,000 new customers per month – a significant drag on growth. In April 2024, BaFin imposed a record fine: €9.2 million for late reports from 2022. The highest fine to date against a German neobank.

In June, BaFin completely lifted the new customer limit. After the growth limit was lifted, N26 recorded 200,000 new registrations per month.

But at the beginning of 2025 there was trouble again.

During a recent special audit, BaFin again identified deficiencies – this time in risk management. The problem this time? The Dutch subsidiary Neo Hypotheken and its real estate lending business. BaFin also again criticized N26's risk management itself.

N26 then announced a personnel change in risk management : Jochen Klöpper, CRO at the major bank Santander, replaced Carina Kozole, who joined N26 from Hypovereinsbank in 2023. But that apparently wasn't enough for investors.

In addition to the regulatory difficulties, N26's financial performance is also apparently causing dissatisfaction. The bank is growing more slowly than expected, while competitors like Revolut and Monzo are gaining market share. According to Manager Magazin , some investors doubt that N26 will become profitable – even though the bank continues to emphasize growth and aims to significantly expand its customer base.