Number 26 gets EUR10m in funding from Peter Thiel's Valar Ventures

Number 26 gets EUR10m in funding from Peter Thiel's Valar Ventures

German smartphone bank Number26 has scooped EUR10 million in funding from Valar Ventures, marking the second European fintech investment by Peter Thiel's fund, which had previously invested in Transferwise.

Number 26 offers a smartphone-only bank account. It claims to have added 8,500 customer in it's first two months of trading with an additional 15,000 on the waiting list. 

In addition to the Valar Ventures Series A investment round, the Swiss entrepreneur Daniel S. Aegerter is also joining this round. Existing investors in Number 26, Earlybird and Redalpine, complete the funding. 

Andrew McCormack, Partner Valar Ventures, says: "We are delighted to support Valentin and Maximilian in changing banking. Number 26 already offers the most modern bank account for smartphones. We see huge potential for companies who are pursuing innovative paths in banking."

The Number 26 bank account features account opeing in eight minutes, individual security settings, convenient financial management tools and push notifications for every transaction.

Valentin Stalf, founder & CEO at Number 26 says: "Winning Valar Ventures’ backing is a huge step for us. Their experience with PayPal, Transferwise and Xero has already set an example for the disruption of the outdated models in financial technology. Valar’s experience and networks will help us build an even greater company.”

 

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