After only 10 months from launching, German smartphone bank Number26 is to expand across Europe, opening its mobile-only account to consumers in France, Greece, Ireland, Italy, Slovakia, and Spain. The expansion brings the total number of countries where Number26 is active to eight, following its initial launch in Germany and Austria earlier this year.
„The Berlinbased FinTech company Number26 offers the only mobile first bank account available across Europe: a current account for the digital age made for the smartphone. The account is linked with a MasterCard that can be used worldwide to make purchases or receive cash at ATMs without incurring fees. Easier still is signing up for an account, which takes place online via video chat in just eight minutes, or sending money to friends via text message or email with just a few clicks.”, according to the press release.
„After every transaction the user receives an instant push notification to stay in full control of their money. Number26 technology is also smart and helps users to keep an eye on their personal finance. All funds are protected under the German Deposit Protection Fund.” says the release.
„Our vision from the start has been to build Europe‘s first bank account for the smartphone,“ said CEO and founder Valentin Stalf. „We see traditional banks as having failed to adapt to the demands of the digital generation. The response to Number26 has been fantastic and we‘re thrilled to expand to further markets.“
In just under a year, Number26 has become one of the most successful Berlin startups with more than 80,000 clients in Germany and Austria. This April, the PayPal founder Peter Thiel invested with his Valar Ventures.
„The markets we chose to enter now are perfect examples of a bad user experience and overpriced retail banking products. It’s here where we start to build the first true panEuropean bank,“ said CFO and founder Maximilian Tayenthal. „The problems affecting banks in Europe, such as bureaucracy, outdated technology and inefficient structures, are well present in those markets. Thus the timing couldn‘t be better for a digital solution to banking.“
Last month, Number26 introduces its first product in the core area of banking and proves that credit scoring within seconds is possible directly on the smartphone with just one click. According to the press release: „Starting 1 December, Number26, together with its partner Wirecard Bank, will offer its clients a flexible overdraft – one that gives the customer full transparency and control. Customers in Germany can request an overdraft on their smartphone with merely one click. Modern technologies working in the background complete the complex risk scoring within seconds, so that the customer can instantly overdraw their account.”
“Our oneclick overdraft shows that we are setting new standards even with classical banking products. And we are just getting started!”, comments Valentin Stalf, CEO and Founder of Number26. This is just the first step of the Fintech company has taken towards a more comprehensive bandwidth of banking services. In the future, new saving services investment services, and other products will be directly integrated into the app. In the midterm Number26 will develop into a banking hub, a transparent platform from which clients can use all classic bank products directly from their smartphones”.
NUMBER26 is an online banking company, and completely dispenses with any kind of branch structure. This allows the company to offer the services free of charge. The Berlin startup NUMBER26 GmbH offers the bank account of the future, one that is geared especially towards the needs of smartphone users. NUMBER26 partners with Wirecard Bank AG, which is regulated under German law, to offer their services.
Opening a new bank account takes only eight minutes and can be completed directly on the smartphone. Clients automatically receive their free MasterCard a few days after opening their bank account. NUMBER26 earns a small amount on every card transaction carried out by a merchant, at no cost to the clients. The company also earn a percentage of deposits managed by Wirecard Bank, their strategic partner.
Founded in early 2013 by Valentin Stalf (30) and Maximilian Tayenthal (35), NUMBER26 acquired more than 80,000 clients in only 10 months and is currently employing 70 people. Since January 2015, NUMBER26 has been available for Android, iOS, and desktop. In addition to Peter Thiel’s Valar Ventures, other NUMBER26 investors include EarlyBird Ventures, Redalpine Ventures, and Axel Springer Plug&Play, amongst others
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Many more interesting quotes in the video below:
