Numbrs, a Swiss Fintech Startup earns itself a unicorn status : Fintech app development for startups
There are a plethora of apps sticking to a budget, money management and even related to handling an investment decision making these tasks easier for the customers. Keeping a tab on once cash flow is an essential part of successfully managing your finances.
The market these days is flooded with management apps that are designed to help the customers to check their bank balance and track their spendings. These apps help the customers to make better financial decisions based on the data collected from your accounts.
Numbrs – A new unicorn!
The latest finance management app that has hit the headlines recently is a Zurich-based Fintech startup named Numbrs. The company provides financial services to its customers.
The company allows its customers to manage their bank accounts and finances. It also enables customers to buy any financial product from every provider at the best possible price.
Numbrs started its journey in the year 2014. Since then, they have been enabling their users to manage their bank accounts via a single app. They also allow their customers to apply for financial products such as bank accounts, credit cards, loans, and insurance directly within the app.
They have secured partnerships with some of the biggest banks and insurance providers like Barclaycard, Postbank, Santander, Bank of Scotland, Allianz, and AXA. There is an increasing number of customers opting for Numbrs app to manage their finances. The app claims to have more than two million downloads and more than €10 billion in managed assets.
The Fintech startup has raised €36 million making its total raised amount to go over r €200 million and its valuation to over €1 billion. It has made its place among Europe’s unicorn companies. It has raised fundings from private investors. The company will be using the raised amount for its expansion in Europe, mostly in the UK. There are around 50 families and private investors involved in Numbrs, including Josef Ackermann, former head of Credit Suisse and Deutsche Bank, Marius Nacht, co-founder of the Israeli firm Checkpoint, and the Sovereign Wealth Fund of Dubai.
The Fintech startup was founded by Julien Arnold, Dennis Just, and Johannes Hübner in the year 2012. The app was inspired by Mint app which was a bank aggregating app in the US. Arnold left the company in the year 2015. The company confirmed its app in the year 2013 at a financial technology conference. The app was launched in Germany in the year 2014.
When the company was launched the app could only be used for mobile banking and handling the banking transactions. However, it just had two stars out of five in the Apple app store in the year 2014. Later in the year 2015, it was given an ” unsatisfactory” score by the German magazine Finanztest as the company preserved customer’s data on its servers.
The company has generated $125 million from investors including Saidler’s family office, which was the majority shareholder as of January 2017. The company claimed to have entered 1.5 million accounts entered into the app. The company had dealt with three German banks, Postbank, Norisbank, and SWK Bank. This allowed the users to use their accounts in those banks so that they could compare the terms of various banking-related offers and apply for an account. They could apply for a loan or a credit card directly via the app.
The business strategy of Numbrs:
Numbrs had its business strategy planned in such a way that the company wanted to generate revenue by getting paid by banking partners when users generate new business through the app. These arrangements were the company’s first set of money-making strategies.
The company hired Oyvind Oanes as its CEO. It cut down about a third of its workforce in June 2017. The company changed its name from”Centralway Numbrs” to “Numbrs Personal Finance AG” in November 2017.
» Number 1 Finance app in Germany
The app has a total of 1.6 million accounts through management.
Numbrs is one of the several commonly used banking apps in Germany. This platform enables users to aggregate all their accounts in a single application. This helps the users to manage better, interpret, and control their finances. The app is currently supporting more than 3,500 different German banks.
» The app uses machine learning!
Numbrs has exhibited an automated system that uses machine learning. It has helped the users to learn more about their financial situation. Moreover, the company has formed “Triggers,” which resemble under specific transactions in the timeline to make users knowledgeable of saving potential.
The fin-tech company uses analytics feature which presents more evidence for users while helps them determine the right bank products for their individual circumstances.
» Money store
The app has a money store feature with the help of which users can associate bank accounts, personal loans, and credit cards from top banks and finish the whole process without deserting the app.
Numbrs strictly complies with the German Data Protection Act and so the security of the app is perfect.
» Challenges ahead for fintech sector as initial excitement wanes
Customers from unbanked markets have often profited from the arrival of fintech companies. According to panelists at the Mint Fintech Summit held in Mumbai on 23 June, the fintech apps have proved very advantageous for most of the customers. Members in a conference on “How fintech is disrupting the financial sector”, spoke about the challenges that fintech firms will now meet as the industry evolves and the initial enthusiasm over the disruption wanes.
Scope of earning by developing Numbrs clone app or app like Numbrs with our Fintech App development service for startups
Despite the disturbance and the growth, the customer is king. There is potential for an articulation point. It may or may not be a wonder but a bulk of fintech start-ups are dubious to thrive and survive going forward. The consolidation and scaling up operations for more agile consumer selection is the only way forward for getting to the inflection point and that should be the center of concentration for the next two to three years for the fintech startups.
If you wish to build a fintech app like Numbrs, you can trust Coruscate to be your technology partner and we can build an amazing fintech app for your startup which can really prove beneficial for your customers. With the help of this app and the future scope of fintech, you can make life easier for your customers and help them in managing their money.
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