German Neobank N26 Appoints UBS Executive Mike Dargan As CEO Amid New Regulatory Sanctions

Dargan, a seasoned banking executive, will replace co-founder and co-CEO Maximilian Tayenthal and interim co-CEO Marcus Mosen. N26 is one of Europe's most valuable fintech companies.

The appointment of UBS executive Mike Dargan marks the end of the leadership era of N26's founders, Maximilian Tayenthal and Valentin Stalf, who co-founded the challenger bank in 2013.

Tayenthal and Stalf served as co-CEOs until Stalf stepped down earlier this year following a reported dispute with some of N26’s investors over how the founders handled regulatory issues.

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Dargan, who has held senior roles at Merrill Lynch and Standard Chartered, will resign from his position as group chief operations and technology officer at UBS at the end of this year.

Dargan said: “This marks the beginning of something new for me – a new opportunity, a new bank and a refreshed business model. N26 has been a pioneer in digital banking with a strong foundation and a forward-looking strategy.”

Tayenthal said: “I am confident to step back and put N26 in the very capable hands of Mike. Beyond his extensive experience combining banking, technology and digital transformation, he is also fully committed to the N26 vision.”

The appointment of Dargan coincided with new sanctions imposed on N26 by BaFin, the German financial regulator.

With over five million customers across Europe, N26 was prohibited from issuing new mortgages in the Netherlands, and BaFin appointed a special monitor to oversee the bank’s compliance activities, following the identification of compliance shortcomings.

These measures come after earlier regulatory actions, including a €9.2 million fine in 2024 for late reporting of suspected money laundering. Tayenthal will leave the management board at the end of the year while Stalf has transitioned to a role on N26’s supervisory board.

About N26

N26, Europe’s leading digital bank, offers simple secure mobile banking to millions across 24 markets. Founded in 2013, it handles over €140bn in annual transactions and employs 1,500 staff of 90+ nationalities, with headquarters in Berlin and offices across Europe, backed by $1.8 billion from top global investors.