Swiss fintech start-up Numbrs reaches unicorn status
Swiss mobile banking start-up, Numbrs, has raised $40 million, valuing the company at more than $1 billion and certifying its unicorn status, reports Bloomberg.
The 2014-founded fintech has now set its sights on countries outside its main market, Germany, and aims to break even within the next two years, according to its CEO, Martin Saidler.
The app, which now has more than 50 individual and family investors, allows users to manage multiple bank accounts in one place.
“Venture capital and private equity funds tend to have less patience,” says Saidler. “They get nervous when it takes longer for a start-up to earn money.”
This is why Saidler puts Numbrs’ unicorn status down to focusing mostly on private investors, which include Deustche Bank’s former CEO, Josef Ackerman, and private banker, Pierre Mirabaud.
From next year, Numbrs wants to establish the UK as its second main market next to Germany, and “after that, we want to expand to other European countries,” says Saidler.