Numbrs, a Zurich-based mobile banking app provider, announced the completion of its fundraising activities for the year 2020 in the total amount of CHF 27 million.

The new capital will enable Numbrs to accelerate the rollout of its new subscription-based business model in the United Kingdom and Germany.

Key initiatives for 2021 include as well the market entry into three additional European markets (Spain, Italy, and France) and the development of new functionalities of Numbrs’ technology.

The lead investor in the latest funding round in December 2020 was Swiss investment firm Saidler & Co Finance, which contributed an additional CHF 7 million, bringing its total investment amount in 2020 to CHF 17.5 million. The remainder was put up by other investors.

Saidler & Co Finance is incidentally owned by one of Numbrs founders Martin Saidler and has seemingly invested his own capital into the beleaguered startup.

Numbrs has been in the spotlight for all the wrong reasons in May last year when it announced that its investors had decided to back out for undisclosed reasons. This lead to Numbrs laying off more than 50 employees in an attempt to cut costs.

“We are pleased to have successfully completed our 2020 fundraising activities in the difficult market environment induced by the COVID-19 pandemic. We would like to thank our shareholders for their continued trust and support”,

said Fynn Kreuz, a Managing Partner of Numbrs.

In November 2020, the personal finance app “Numbrs” changed its business model and has since focused on a paid software-as-a-service subscription model in Germany and the United Kingdom.

The rollout of the new business model got off to a promising start and will be further expanded across different countries in Europe over the coming months they claimed in a statement.