N26, which has been under pressure from Germany’s financial regulator BaFin, is once again facing internal conflict following the announced resignation of co-founder Valentin Stalf as Co-CEO (as reported by finews.com). According to a report by Handelsblatt (paywalled), a new battle is brewing behind the scenes.

Insiders told the business newspaper of an open contest between the founders, investors, and regulators — «a veritable Game of Thrones in the fintech sector.» The conflict centers on the future composition of the supervisory board, equivalent to a board of directors in Switzerland.

Extraordinary Shareholders’ Meeting in November

According to the report, founders Valentin Stalf and Maximilian Tayenthal intend to appoint «two additional candidates» to the supervisory board. Alongside former Bundesbank executive Andreas Dombret, new members are expected to join the oversight body.

«The neobank has called an extraordinary general meeting,» Handelsblatt quoted an N26 spokesperson as saying. The meeting is scheduled for mid-November.

Investors vs. Founders

The move has unsettled investors. Several of them reportedly wish to limit the founders’ influence. According to the report, «the late scheduling of the extraordinary general meeting is an indication of how hard the different interest groups within the neobank are fighting for control.»

Even the recent appointment of Marcus Mosen to the management board was said to have been «the result of weeks of power struggles.» Mosen now runs the bank jointly with Tayenthal, following Stalf’s resignation as CEO in September. It is undisputed that Dombret is expected to become the next chairman of the supervisory board.

Frontrunning Ahead of a New Investor Agreement?

A key point of contention is how many seats the founders may hold on the supervisory board. According to Handelsblatt, the issue relates to a new investor agreement «that should have been signed long ago.» Critical investors suspect that Stalf and Tayenthal may be attempting to bypass restrictions on their power through the new nominations.

The report states that under the new agreement, the founders would be limited to holding two seats. «By nominating two additional candidates backed by the founders, some investors suspect they are trying to circumvent that part of the planned agreement,» the article says.

Founders Aim to Join the Supervisory Board Themselves

Both N26 founders reportedly plan to join the supervisory board in the medium term. Stalf intends to do so «after an undefined transition period,» while Tayenthal plans to join «at an appropriate time,» according to Handelsblatt. This raises legal questions — for instance, whether the founders would still be eligible to nominate themselves if the new agreement is signed only after the general meeting.

Meanwhile, the company’s operational leadership team is being reorganized. Communications chief Sven Afhüppe is leaving N26. Co-CEO Mosen will take over «responsibility for Regulatory Operations, Audit, Legal, Human Resources, Communications, Executive Office, and European Markets,» a company spokesperson told the newspaper.

Stalf: Focus on Strategic Role

In a recent interview with Business Insider, Valentin Stalf admitted he «might have chosen a different timing» for his resignation — suggesting that his departure was not entirely voluntary but influenced by internal and external pressures.

However, Stalf emphasized that he would continue to «actively and passionately help shape N26’s strategic direction» — now from a supervisory board role. At the same time, he plans to dedicate more time to his family office and other projects.

€500 Million in Annual Revenue

Media reports have interpreted his departure in the context of regulatory criticism and investor pressure. BaFin had highlighted deficiencies in N26’s internal controls, while investors demanded stronger leadership and accountability.

According to the company, N26 generates around €500 million in annual revenue.

Switzerland as a Sideshow

N26 also has a presence in Switzerland, where it has offered free euro-denominated current accounts to local customers for several years.

However, the initial hype surrounding its market entry has noticeably faded. To date, N26 has not released any official figures on its Swiss customer base or business volumes.