Numbrs Personal Finance, the Switzerland-based personal financial management app developer backed by media company ProSiebenSat.1, has received $40m from unspecified existing and new investors, Bloomberg reported today.
The round valued Numbrs at more than $1bn and brought its overall funding to almost $200m, chief executive Martin Saidler told Bloomberg.
Founded in 1999, Numbrs operates a machine learning-powered app and online marketplace where customers in Germany can synchronously manage multiple bank accounts while comparing and accessing financial products from a range of providers.
The app is compatible with bank accounts held with more than 3,500 financial services providers, and offers real-time updates on customers’ income, spending and saving activity.
Numbrs aims to reach profitability within two years and intends to target additional European markets including the UK, which it hopes will become its second core market in 2020.
Saidler told Bloomberg the company mainly had private backers to thank for its unicorn status, claiming institutional investors generally had less patience, adding: “They get nervous when it takes longer for a startup to earn money”.
Sovereign wealth fund Investment Corporation of Dubai took part in a $55m round for Numbrs in early 2017 alongside unnamed investors, three years after ProSiebenSat.1 provided an undisclosed amount in a marketing-for-equity deal through coprorate venturing subsidiary SevenVentures.
Numbrs had previously received a total of $11.5m in 2013 from company builder Centralway, where it was incubated. Saidler & Co, the family office of Centralway CEO Martin Saidler, was the company’s largest shareholder as of the January 2017 round. Private investors Josef Ackermann and Pierre Mirabaud are among its earlier backers.