Europe Welcomes its Newest Fintech Unicorn
Swiss-based banking app Numbrs has become Europe's newest unicorn following the end of its latest funding round. The fintech company has an app that allows users to gather all of their internet based bank accounts into one inteface.
The recent round of funding raised US$40million, making the company valuation US$1billion and thus being bestowed the title of 'unicorn'. Although investors in the most recent round haven't been identified, Investment Corporation of Dubai and Josef Ackermann have previously been disclosed as backers.
Along with the funding announcement, Numbrs stated their intention to move into the UK market. Partnerships with Barclaycard, Santander, Bank of Scotland, Allianz, and AXA have all been confirmed.
Although not yet profitable, CEO Martin Saidler said in an interview that the company should break even within two years. Speaking of the company's preference for private investors, "Venture capital and private equity funds tend to have less patience. They get nervous when it takes longer for a startup to earn money,” whilst naming the banking from Dubai as an exception.