Valar Ventures leads €10m series-A in Number26

Swiss entrepreneur Daniel Aegerter is a new investor, alongside existing backers Earlybird and Redalpine. The deal marks PayPal founder Peter Thiel's second fintech investment in Europe, following Valar's investment in international money transfer service Transferwise.

Previous funding
Earlybird led a €2m early-stage funding round for the banking app alongside Swiss VC Redalpine and the Axel Springer Plug and Play Accelerator in June 2014.

Company
Founded in February 2013, Number26 is an invitation-only smartphone bank account with no fees attached. Headquartered in Berlin, Number26 has gained 8,500 clients in three months and to have 15,000 potential customers on a waiting list, according to the company.

The app enables users to open an account in eight minutes and offers individual security settings and financial management tools. Users receive a notification on their phone for each transaction in order to prevent fraud and can lock or unlock their card via the app.

Number26 employs 30 staff and operates in Austria and Germany.

People
Number26 was founded by CEO Valentin Stalf and CFO Maximilian Tayenthal. Andrew McCormack is a partner at Valar Ventures.

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• DACH
• Expansion
• Financials
• Germany
• Earlybird