Number26, a Germany-based smartphone banking service backed by digital publisher Axel Springer, secured €10m ($10.7m) in series A funding yesterday.
The money came from Valar Ventures, the investment fund belonging to Peter Thiel, as well as entrepreneur Daniel S. Aegerter, Earlybird Venture Capital and Redalpine Venture Partners.
Number26 has developed a system that enables users to set up a Mastercard-backed banking account on their phones through which they can add a number of specified features based on their individual requirements.
The company raised $2m in a June 2014 seed round funded by Axel Springer’s Plug and Play Accelerator, Earlybird and Redalpine, after Plug and Play provided €25,000 in earlier seed funding for it the year before.