German mobile bank Number26 has closed a new €10 million funding round, which includes backing from Valar Ventures.
Run by well-known investor and PayPal co-founder Peter Thiel, Valar has already invested in startups such as TransferWise. Valar is one of two new investors in the latest funding round for Number26, with the other being entrepreneur Daniel Aegerter.
Existing investors also lined up new financing for the firm, which offers customers access to a free smartphone-based account linked to a MasterCard. Account deposits are held in a partner bank, which also gives customers access to ATMs.
Commenting on what the latest funding would mean for Number26, the startup said: “We plan to show the traditional banks what banking resembles today: transparency, mobility, speed and security. The fresh capital enables us to develop our innovative product at a faster pace and listen more closely to customer feedback by expanding our existing team.”
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