The Zurich-based FinTech Numbrs has announced that it raised a total of 27 million Swiss francs in fresh capital during 2020. Of this figure, 17.5 million came directly from the investment firm Saidler & Co Finance AG, the family company of Numbrs founder Martin Saidler. Numbrs intends to use this capital to accelerate growth and drive forward its internationalization plans, as detailed in the company press release: “We are pleased to have successfully completed our 2020 fundraising activities in the difficult market environment induced by the COVID-19 pandemic”, comments Fynn Kreuz, a Managing Partner of Numbrs.
Founded in 2014, the start-up rapidly achieved unicorn status. However, last year Numbrs was forced to row back on its plans to become an independent global financial broker via a smartphone app after a financing round in spring 2020 failed. Around half of the company’s workforce had to be let go. Later that year, in November, Numbrs realigned its business model, the press release explains further, with the personal finance app now opting to focus on a paid software-as-a-service subscription model in Germany and the United Kingdom.
“Saidler & Co. Finance AG is pleased with the recent developments at Numbrs and its successful introduction of the new business model in Germany and UK”, the Zug-based Saidler & Co. writes in a separate press release. The new business model has made “a promising start” and will be expanded to various countries across Europe over the coming months.