NUMBER26 is a young company based in Berlin that aims to revolutionize the traditional banking industry and how people spend, save and send money. NUMBER26 is Europe's most modern way of banking. With NUMBER26 the current account is reinvented. Currently, the service is available only in Germany and Austria and will expand next year to other countries in Europe.
What is NUMBER26?
Two Austrians in February in 2013, Valentin Stalf and Maximilian Tayenthal founded NUMBER26. In June 2013, European Venture Capital Funds Earlybird VC and Redalpine VC together with Axel Springer Plug and Play invested 2 million Euros and launched NUMBER26 on 26th January 2015. Wirecard Bank AG, a holder of German banking license is a strategic partner to NUMBER26. NUMBER26 earns an interest on the funds deposited at its partner bank, Wirecard Bank AG with headquarters in Aschheim in Munich and a small amount of the interchange fee that the merchant is charged by MasterCard®.
What are the features of Number26?
• Designed specifically for smartphones
NUMBER26 aims to offer services exclusively for smartphones, designed for the modern age of banking. The Mobile App is already available to iPhone and Android users in Austria and Germany and helps open a bank account in no time. “The bank branch of the future is the smartphone. That’s why with NUMBER26 we have created a bank account the way it should be –transparent, mobile and secure,” says Valentin Stalf, founder and CEO of NUMBER26.
• Account Opening is fastest in Europe
With modern mobile app and smart interface, account opening is to be the fastest in entire Europe and can be done through your mobile phone or online in less than 8 minutes! The account also comes with a MasterCard ®. No documents are required since the identity will be verified through a video call.
Get your Invite --- Verification via video call ---- receive the card and use the account
• Transparent, Mobile and Secure
NUMBER26 aims to make mobile banking secure providing the customer with notification for every movement or card transaction that is made. The user can hence act immediately upon unfamiliar transactions by blocking or unblocking the card with just a click. In addition, through the German Deposit Protection Fund, your deposits are protected up to several millions euros. Incase the mobile phone is lost; it can immediately be unpaired by calling customer service.
• No Hidden Fees
NUMBER26 charges no fee when payments and withdrawals are made worldwide. The reason, they state, for this is simple – ‘the cost advantage of not having a network of branches is thus directly passed on to the customer.’
• Easy Money Transfers and very smart statistics
Money can easily be transferred through email or text message and since the mobile app is very cleverly designed, a quick glance at your financial needs is possible. NUMBER26 has surely entered the market after a lot of detailed work has been done on its design, user-friendly interface, security and promptness of services.
If it actually delivers what it promises then NUMBER26 could mark a departure of outdated IT systems in traditional bank accounts and a step towards modern banking!