Earlier this month the bank was caught up in a scandal where hundreds of accounts were cancelled leading to Number 26 pledging to improve its transparency. 

However, Number 26 claims it has established itself as one of the leading players in mobile banking with over 200,000 customers and has secured funding from existing investors, Peter Thiel’s Valar Ventures, Earlybird Ventures and Redalpine Ventures. 

Valentin Stalf, Founder and CEO of Number 26, said the financing round had brought together some of the world’s leading investors.

“They provide the substantial financial resources and networks to accelerate our transformation of the banking landscape over the coming years.

“Even given our success to date, we believe we are only at the beginning of our journey to bring better mobile banking to millions of customers across Europe, transparently and at much fairer prices.”

Frances Kang of Horizons Ventures added: "We are excited to join Number26 to lead the innovation in retail banking and play an important role to create the bank of tomorrow. 

“Bringing transparency and focusing on an intuitive banking experience will set them apart, so we look forward to their success and to being part of their global growth in the future.”

Maximillian Tayenthal, Founder and CFO of Number 26, said the bank had fundamentally transformed the traditional banking model. 

“We selectively partner with some of the best fintech companies around the world to offer a platform of products within a seamless, mobile-centric experience. 

“We’ve also built a highly scalable technology base using an extremely lean organisational structure. 

“This combination means we can offer significantly better products at much lower prices.”