Number26, a Berlin, Germany-based provider of a mobile bank account, raised US $40m in Series B financing.
The round was led by Horizons Ventures with participation from Battery Ventures, Robert Gentz, David Schneider, and Rubin Ritter and existing investors Peter Thiel’s Valar Ventures, Earlybird Ventures, and Redalpine Ventures.
The company intends to use the funds to accelerate its geographic growth and integrate new products like savings, investment and credit.
Co-founded in 2013 by Valentin Stalf, CEO, and Maximilian Tayenthal, CFO, and also led by Christian Rebernik, CTO, Number26 offers a mobile bank account via Wirecard Bank AG, which is regulated under German law.
The free account gives users the opportunity to enjoy mobile online banking, with notifications about incoming and outgoing transactions, transaction statistics, a free MasterCard® to withdraw cash at almost any ATM worldwide without fees, pay for shopping or restaurant, and transfer money in real time.
Number26 earns a small amount on every card transaction carried out by a merchant, at no cost to users.
Launched in January 2015, the mobile app is currently used by more than 200.000 customers across Austria, France, Germany, Greece, Ireland, Italy Slovakia and Spain. The company employs 140 people.
FinSMEs
21/06/2016