Swiss financial technology company, Numbrs, backed by the Investment Corporation of Dubai and Josef Ackermann, has taken its value to $1 billion by raising further funding.

Numbrs, available as an app, helps users to manage their existing bank accounts, credit card information, and conduct mobile banking along with personal financial planning.

The Zurich-based fintech start-up raised an additional €36 million ($40 million), bringing the total amount raised to over €200 million ($222.1 million) and its valuation to over $1 billion, making it Europe’s newest unicorn, Bloomberg reported.

The company will utilise this amount for expansion in Europe, prominently in the UK.

Founded by Boris Manhart, Martin Saidler, the app now boasts more than 2 million downloads and over €10 billion ($11.1 billion) in managed assets. With this platform, the company aims to build a customer-centric product and support users in managing their finances.

The company has mainly sourced funds from private investors.

"Venture capital and private equity funds tend to have less patience. They get nervous when it takes longer for a start-up to earn money," Bloomberg quoted Numbrs CEO Martin Saidler as saying.  

Investment Corporation of Dubai, which invested in 2017, is an exception, he said.

More than 50 families and individuals have invested in Numbrs, along with stakeholders such as the Former Deutsche Bank AG head Ackermann and private banker Pierre Mirabaud.

Saidler admitted that Numbrs is not profitable yet, but aims to break-even in two years.

(Writing by Seban Scaria; editing by Mily Chakrabarty)

(seban.scaria@refinitiv.com)

Our Standards: The Thomson Reuters Trust Principles

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2019