German mobile banking startup Number26 racks up $40 mln
Berlin-based mobile banking startup Number26 has raised $40 million in Series B funding. Horizons Ventures led the round with participation from other investors that included Battery Ventures, Valar Ventures, Earlybird Ventures and Redalpine Ventures.
Europe’s most modern bank account, has raised US $40 million in a Series B financing round led by Horizons Ventures.
Battery Ventures as well as Robert Gentz, David Schneider, and Rubin Ritteralso joined the round. Existing investors – namely Peter Thiel’s Valar Ventures, Earlybird Ventures, and Redalpine Ventures – reiterated their commitmentto Number26 and completed the Series B round.
Number26 has quickly emerged as a leading player in mobile banking. The company has acquired more than 200.000 customers across 8 European markets in just 17 months since its January 2015 launch. The Series B funding will help accelerate additional geographic expansion and the integration of new products like savings, investment and credit to create a true FinTech platform.
“This financing round brings together some of the world’s leading investors. They provide the substantial financial resources and networks to accelerate our transformation of the banking landscape over the coming years,” explains Valentin Stalf, founder and CEO of Number26. “Even given our success to date, we believe we are only at the beginning of our journey to bring better mobile banking to millions of customers across Europe, transparently and at much fairer prices.”
“We are excited to join Number26 to lead the innovation in retail banking and play an important role to create the bank of tomorrow. Bringing transparency and focusing on an intuitive banking experience will set them apart, so we look forward to their success and to being part of their global growth in the future”, said Frances Kang of Horizons Ventures.
“Number26 has fundamentally transformed the traditional banking model”, says Maximilian Tayenthal, founder and CFO. “We selectively partner with some of the best FinTech companies around the world to offer a platform of products within a seamless, mobile-centric experience. We’ve also built a highly scalable technology base using an extremely lean organizational structure. This combination means we can offer significantly better products at much lower prices”, he adds.
The Series B round brings the total amount raised by Number26 to more than US $53 million.