Investors in German neobank N26 are pushing for the ousting of founders and co-CEOs Valentin Stalf and Maximilian Tayenthal due to dissatisfaction with regulatory issues and strategic direction.

Valentin Stalf is stepping down from his role on N26's board following a leadership dispute, with the company announcing this change on August 19, 2025.

This leadership shakeup comes amid reports that some investors wanted the founders to leave because of ongoing regulatory pressures from BaFin, the German financial regulator.

Since its founding in 2013, N26 has raised over $1.8 billion, served more than 5 million customers across 24 European countries, and achieved its first profitable quarter last year.

N26 plans to strengthen its governance by adding new supervisory board members and hiring Jöchen Klopper as the new chief risk officer starting December 2025.

Stalf stated that his decision to step down is aimed at leveraging his experience to help further strengthen N26.

Despite the leadership changes, N26 remains in a stable financial position, having broken even last year, and is currently in discussions with investors without immediate plans for new capital raises.

The company’s valuation was last at $9 billion in 2021, and it has faced regulatory sanctions in the past, including a €4.25 million fine in 2021 for anti-money laundering control failures.

While the founders are stepping down from their executive roles, they will retain nearly 20% of the company's shares, and N26 has announced new leadership appointments.

Valentin Stalf will transition to a supervisory board role after a transitional period, with Marcus Mosen expected to serve as interim CEO, marking the end of weeks of uncertainty.

Tensions between N26’s founders and investors escalated after BaFin identified shortcomings in the bank’s risk management, particularly concerning its Dutch mortgage subsidiary Neo Hypotheken.

In negotiations for future funding, some investors have drafted a shareholder agreement that would require the founders to step down in exchange for waiving part of their promised interest, amid discussions of a reduced valuation.