Berlin based banking startup Number26 just raised a $10.6M Series A round courtesy of Peter Thiel’s Valar Ventures. Existing investors Redalpine and Earlybird also participated in the round with Daniel S. Aegerter.
Number26 is already building a brand in the German and Austrian markets with their incredibly quick and easy onboarding process. Opening account can take under five minutes, courtesy of a video call with one of their representatives. From there you can install and log-in to the Number26 app which offers a simple and effective interface for managing your account, and a MasterCard turns up in the mail a couple of days later. It’s truly a leap ahead of traditional bank offerings, which usually involve at least one trip to a branch and waiting for the arrival of multiple pieces of information by post.
How significant is this value? So far Number26 hasn’t had to put any work into customer acquisition, and even the Series A came about through investor interest rather than actively looking. For a team of 30 who only launched in January, they are off to an incredible start.