German digital bank and neobank. Mobile-first banking across Europe. Founded by Valentin Stalf and Maximilian Tayenthal. Backed by Allianz, GIC, Tencent. Valued at $3-6 billion.
Germany's BaFin imposed new restrictions on N26 in December 2025 after a 2024 special audit found serious deficiencies in risk management, complaint handling, and lending. Restrictions include a ban on new mortgages in the Netherlands, higher capital requirements, and a second special monitor appointment since 2021. The company's funding process was suspended.
N26 co-founders Valentin Stalf and Maximilian Tayenthal were pushed out by investors following repeated regulatory failures. Stalf stepped down as co-CEO in September 2025 with Tayenthal following by year-end. Both would give up special voting rights. UBS executive Mike Dargan will take over as sole CEO in April 2026 after regulatory approval.
BaFin fined N26 €9.2 million in 2024 for systematically submitting suspicious activity reports late throughout 2022. BaFin found N26's compliance systems failed to keep pace with rapid customer growth, with broader organizational shortcomings in risk management and lending operations identified in 2024 special audit. Second major fine after €4.25M in 2021, showing persistent compliance failures.
Bank of Italy banned N26 from onboarding new customers and offering new products/services to existing customers in March 2022 due to 'significant shortcomings in respect of anti-money laundering legislation.' Ban followed on-site inspection October-December 2021. N26 had 750,000 customers in Italy at time of ban. Represents complete market freeze in major European country.