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Another Day, Another $40M For A Mobile-Only Bank

Number26 New Funding

NUMBER26, a mobile-only bank based in Berlin, announced on Tuesday (June 21) that it raised $40 million in its Series B funding round, led by Horizons Ventures.

Since its launch in early 2105, the startup confirmed it has acquired more than 200,000 customers across the eight European markets its services are available in. In a statement, NUMBER26 said the new Series B funding will be used to help accelerate that growth, with the expansion of additional geographic markets and the introduction of new products, like savings, investment and credit to its 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,” Valentin Stalf, founder and CEO of NUMBER26, said in a press release.

“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.”

With the Series B round, NUMBER26’s total amount raised has reached more than $53 million. The funding round saw participation from additional investors, including Battery Ventures, Robert Gentz, David Schneider and Rubin Ritteralso.

Frances Kang of Horizons Ventures said:

“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.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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