Number 26 is startup based in Berlin, and it raised $40 million of funding in its B round. A big number of this funding came from Horizon Ventures. Th
Number 26 is startup based in Berlin, and it raised $40 million of funding in its B round. A big number of this funding came from Horizon Ventures. This startup desire to become one of the biggest consumer-facing banks in Europe with more than 200,000 clients and this startup wants to provide every service that you can expect from a bank. And this successful funding round was a crucial milestone for the company to achieve that target.
In this funding not only Horizon Ventures invested a big amount, but many other companies and investors also invested a significant amount of money. The name of these other investors includes Robert Gentz, David Schneider, Battery Venture, and Rubin Ritter. Other than these investors, the existing investors Earlybird Ventures, Redalpine Ventures and Peter Theiler’ Valar Ventures also invested again in the Number 26’s series B round of funding.
The most amazing thing about Number 26 is that organizations can get a free current account along with a MasterCard. Along with this company this startup has a number of other very good features as well that include fantastically designed mobile app. This app is way ahead compared to other banks, and that makes it really a leader in the trade.
If you want to customize your card, then you can customize that as well according to your needs or requirement. For example, you can do a setting to receive a push notification for any amount that is bigger than a certain figure. If you want to disable ATM withdrawals, online purchase or foreign transaction, you have freedom to do that as well. And when you feel you want to re-enable it, you can do that easily.
For the back end support, Number 26 did a partnership with Wirecard. The Wirecard has a proper license for banking and responsibility to manage your money goes to this company or bank whatever you call it. And as far as the role of number 26 is concerned, it takes care of all the consumer-facing features. So, technically we cannot consider number 26 as a bank at least until this time.
Although company outsourced the part of money management, but this does not mean they don’t have related problems. In fact, the company is facing a charge about “Know your customer” process startup also realized that people or users are abusing the withdrawals from ATM. That was the reason company recently took action against 400 accounts and closed them down. Needless to say, the company will realize similar other complications in the future and that is why they are taking necessary steps so that you can trust them like your trust your bank blindly.