Number26, a German startup providing its own spin on the age-old practice of banking, has announced that they have obtained 10 million Euro in a Series A from PayPal co-founder Peter Thiel’s Valar Ventures, as well as Swiss entrepreneur Daniel S. Aegerter and current investors Earlybird and Redalpine. With this latest funding, the startup reveals that they intend to both speed development of their core product, as well as boost the size of their current team.
Of the top features highlighted by Number26 is a lack of fees. The fintech startup says that they do not charge for using accounts or using a MasterCard, instead generating income on the merchant side by charging a small percentage on the interchange fee that MasterCard charges businesses. They do not allow for overdrafts, either, which ensures that customers cannot be charged a fee on that end, either.
We previously covered Number26 back in October, when it launched as a service with an eye on mobile, as opposed to traditional banking services, who have entered this sphere only recently. It is notable that Number26 remains an invitation-only service, reporting that they serve 8,500 clients, with another 15,000 names on the waiting list.