Deutschlands - schafft Hypoport m.E. schon gar nicht.
Number26, a startup based in Berlin, recently announced their $40 million Series B round funding, led by Horizons Ventures. Number26, with their over 200,000 clients, has plans to become the major consumer-facing bank in Europe. The app provides all the services clients expect from a bank. The company currently offers a free account with a Mastercard. The app allows for as much customization as the client needs, something they cannot do with normal banks. For example, users can receive push notifications for every transaction above a certain amount. Or, the users can disable online purchases, ATM withdrawals, etc. Users can even pay or withdraw money from throughout the world, as the company does not charge foreign transaction fees or exchange rates.
The startup has partnered with Wirecard, a company with a banking license who actually manages the money. The beauty of it is that Number26 couples with Wirecard and handles all of the consumer features. The company started out in Germany but has since expanded to six other European Countries, by partnering with TransferWise. This partnership is key to the future of Number26, especially if they plan on expanding across Europe.
“We believe the bank of the future is driven much more by the customer relation and the mobile experience than by the size of the balance sheet,” said CEO and co-founder Valentin Stalf. “Therefore, 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. Unfortunately, I can’t release the exact partners on the investment or savings sides yet.”
The company is gaining revenue through three ways. The first is that it is collecting money from overdraft interest. It additionally gets a cut of the TransferWise fees, and MasterCard transaction fees. The startup plans to introduce premium features, like higher limits and insurances, because currently, all features are free. Number26 is bundling all the services people are looking for, in a convenient one stop shop.
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