Berlin based startup Number26, offering a free account on mobile, announced today that it closed a €2 million seed round from Earlybird, Redalpine and Axel Springer along with several other investors.
“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.
Number26’s MasterCard inclusive product promises to track all expenditures real time, and statistics for its users to keep their spendings under control. This is what the startup describes as Europe’s most modern current account.
With its core product Number26 promises an innovative way for simple and safe mobile transfers. While users are notified for any transaction on their phones, they can also lock/ unlock their cards with just one click within the mobile app.
“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.
Within the network of Number26, customers undertake the cost of not having branches. Number26, a free product comes without any additional or hidden fees, enabling customers to withdraw money worldwide free of charge.
Number26 doesn’t hove a banking licence but thanks to its partnership with a German bank, the accounts are legally protected by the German deposit insurance up to an amount of €100,000.
The product is still at Beta, if you are interested in having a Number26 account, you can pre-register from here.