Once opened, all Number26 bank accounts come with an attached MasterCard. The account and associated MasterCard are offered without fees. Number26 relies on a banking license from Wirecard Bank, a German-based institution which will act as the startups strategic partner. The firm claims that account openings will take less than eight minutes and are completed entirely on a smartphone. The mobile app for iPhone and Android is now available.
The app will also offer a range of additional features, such as stats to manage finances, a breakdown of expenditure, notifications for real time card transactions and the opportunity to block or unblock the card at a click. Money transfers can also be done via an email or text message.
In 2014, Number26 secured EUR 2 million from European Venture Capital Funds Earlybird and Redalpine together with Axel Springer Plug and Play as well as several finance experts.
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