Mobile banking startup Number26 secures $40 million in Series B round

Fintech startup Number26 has raised $40 million in a Series B funding round led by Horizon Ventures.

Battery Ventures, Valar Ventures, Earlybird Ventures, Redalpine Ventures, Robert Gentz, David Schneider, and Rubin Ritter also participated in the round in the mobile banking company.

The Berlin-based startup, behind “Europe’s most modern bank account”, will use the funds to build its fintech platform and concentrate on expanding into new markets internationally.

The company claims it has more than 200,000 customers in eight European countries since it launched in January 2015.

“Even given our success to date, we believe we are only at the beginning of our journey to bring better mobile banking to millions of customers across Europe, transparently and at much fairer prices,” said Valentin Stalf, CEO of Number26.

“Number26 has fundamentally transformed the traditional banking model,” added Maximilian Tayenthal, CFO. “We selectively partner with some of the best FinTech companies around the world to offer a platform of products within a seamless, mobile-centric experience. We’ve also built a highly scalable technology base using an extremely lean organizational structure. This combination means we can offer significantly better products at much lower prices.”