Posted on August 27, 2019 by staff

Swiss Fintech Unicorn Numbrs plans expansion into UK


Zurich FinTech firm Numbrs has announced its plans to expand into Britain.

Its app helps users to manage their existing bank accounts in one place and to buy financial products.

The firm is valued at more than $1bn in funding, with its latest raise accounting for $40m of the figure.

The firm launched its app in Germany in 2014 and now counts the country as its primary market. It said it now has over €10 billion in managed assets.

Stakeholders in the firm include Josef Ackermann, previously head of Deutsche Bank AG and private banker Pierre Mirabaud.

The firm is now aiming to establish Britain as its second main market, Bloomberg reports, and has secured partnerships with Barclaycard, Santander, Bank of Scotland, Allianz, and AXA.

“After that, we want to expand to other European countries,” Saidler said in an interview.

The firm’s funding consists mostly of private investors, a choice which the firm said in a blog gives it “time to build the best technology platform in the financial industry.”

Its recent $40m raise included more than 50 individuals and families.

Saidler added: “Venture capital and private equity funds tend to have less patience. They get nervous when it takes longer for a startup to earn money”.