NUMBER26 has received an undisclosed investment from Earlybird Venture Capital. Based in Berlin, NUMBER26 is a banking startup.
Berlin, June 19, 2014 – Earlybird Venture Capital today announces its investment in NUMBER26. Their banking product for smartphones offers a free account, MasterCard® inclusive, no fees attached. All expenditures are tracked instantly, and clever statistics help users to keep their finances under control. “Banking needs to change; we are glad to make better banking a reality through the help of our investors,” says Valentin Stalf, founder and CEO of NUMBER26.
“We reinvent banking – modern, simple and transparent. European banks lack innovation – online banking often resembles the internet of the 90s, mobile apps sometimes don’t even exist and hidden fees are pervasive,” holds Maximilian Tayenthal, founder and CFO of NUMBER26.
Alongside offering standard account functions, NUMBER26 focuses fully on mobile accessibility thus making the account even safer. For example, it is possible to lock/ unlock one’s card with just one click in the mobile app, and for any transaction the user receives a notification on his phone – this way the user can act immediately in case of unwanted usage of his account.
“Transfers get simple and intuitive, finally. Money can be sent to friends in one’s address book with just one click, for instance via email, Facebook or text message,” says Christian Nagel, Partner at Earlybird.
The account and associated MasterCard® are free without any additional or hidden fees. Moreover, customers can withdraw money worldwide free of charge. The cost advantage of not having a network of branches is thus directly passed on to the customer.
The accounts are offered jointly with a German partner bank that holds the respective banking license. Customers’ funds are thus protected by the German deposit insurance up to an amount of €100,000.
NUMBER26 is currently testing the product with selected users. To be among the first to receive an account, interested parties can pre-register at www.number26.de
Established in 1997 Earlybird has raised over €700 million ($900 million) in fund commitments. We have backed 100 companies, some of which have sparked significant innovations in business and technology and resulted in large scale ($1bn+) IPOs and trade sales. Earlybird backs European companies with global ambitions and our active portfolio currently includes 30 companies across the consumer Internet and enterprise services space.
Further information is available at www.earlybird.com