Overview

• Manager Magazin labels co-founders Valentin Stalf and Maximilian Tayenthal as 'vor dem Aus', suggesting their ouster is imminent.
• Investors unveiled a revised shareholders’ agreement on August 13 that forgoes financing perks in exchange for the founders relinquishing operational control.
• BaFin’s sustained criticism and special inspections, including scrutiny of the Neo Hypotheken mortgage arm, intensified investor unease over compliance lapses.
• The bank’s slowing growth and unprofitable trajectory have intensified calls for new leadership, with analysts tracing the decline to the founders’ long-term strategic decisions.
• Industry observers warn that the power struggle may be reaching a point of no return, though N26 has not publicly confirmed any formal leadership changes.