BaFin Pressure and Investor Disputes Drive N26 Joint CEO Valentin Stalf to Step Aside

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N26 co-founder Valentin Stalf will step down as chief
executive and join the German digital bank’s supervisory board. The move
follows tensions between investors and the bank’s founders.

The decision comes shortly after BaFin, Germany’s financial
regulator, raised fresh concerns about N26. Last month, the watchdog threatened
new sanctions against the company. N26, which has more than 200,000 customers
in Ireland, has faced repeated regulatory challenges in recent years.

Investor Talks

Stalf’s departure is tied to negotiations between N26’s
founders and investors. Stalf and fellow co-founder Max Tayenthal jointly own
about 20% of the bank. They are considering giving up special voting rights
that give them veto power over major decisions. In return, investors would
accept reduced returns on their investment.

N26 was valued at €7.7 billion in 2021. The fundraising deal
included a guaranteed 25% annualised rate of return for investors.

🚨 𝘽𝙍𝙀𝘼𝙆𝙄𝙉𝙂: Founders of N26 may be facing replacement.Some investors are reportedly losing patience with the two co-founders and co-CEOs of N26, Valentin Stalf and Maximilian Tayenthal. A leadership change may be on the horizon…According to Manager Magazin, which… pic.twitter.com/4rIYVUFW1X

— Marcel van Oost (@oost_marcel) August 13, 2025

You may find it interesting at FinanceMagnates.com: Investment
Tech Provider to N26 and Revolut Raises €100M.

Leadership Changes

Tayenthal, who shares the chief executive role with Stalf
and oversees the licensed bank entity, will remain in position for now.
However, people familiar with the talks told the Financial Times that he may
step down later.

Chairman Marcus Mosen has been considered for the role of
interim co-CEO, according to earlier reports. N26 said Tayenthal “remains fully
committed” to his responsibilities.

Read More: BaFin
Imposes 9.2 Million EUR Fine on N26 for 2022 Compliance Lapses.

Supervisory Role

Germany’s two-tier governance system separates the
management and supervisory boards. The management board runs daily operations,
while the supervisory board oversees strategy, pay, and executive appointments.

Stalf said he had been planning his exit “for some time” and
would transition over six months. He added that his supervisory board role
would be “very different” from his duties as chief executive.

His decision was accelerated after reports last week
revealed he was preparing to leave.

This article was written by Tareq Sikder at www.financemagnates.com.

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