Numbrs Adjusts Business Model: 100% Neutral Financial Analysis and Subscription Service
- Subscription business model (Software-as-a-Service or “SaaS”) replaces commission-based brokerage of financial products.
- 100% neutral and bank-independent financial analysis as the decisive argument and added value for the customer.
- The 100% neutral financial analysis will be launched in Germany and the United Kingdom in Q4 2020.
FinTech unicorn Numbrs announces the change of its business model. From the 4th quarter onwards, the personal finance app "Numbrs" will be operated as a paid Software-as-a-Service subscription model in Germany and the United Kingdom. Numbrs thus discontinues the commission-based brokerage of financial products of traditional banks and insurance companies and terminates the associated distribution partnerships in the course of the reorientation.
After successfully running the commission-based brokerage model for several years in Germany, neutrality and independence from banks will now become the focus of all activities of the company. The growing customer demand for a neutral analysis of personal finances without any conflict of interest will be reflected in every function of the Numbrs App.
"The unavoidable conflict of interest of banks is becoming more and more obvious to the customer, as banks are finding it increasingly difficult to balance the conflict between their own interests and the ones of their customers. Numbrs is not a bank and from now on no longer brokers financial products. We guarantee our users a 100% neutral analysis of their finances," says Numbrs CEO and founder Martin Saidler.
"We would like to thank all banks and insurance companies that have accompanied us on our way. We are now pleased to be able to focus our main attention on product development. We want to offer our users the best personal finance app and a 100% neutral analysis of their finances. Neutrality should be inseparably connected with Numbrs", says Fynn Kreuz, Managing Partner.
Since the launch of the personal finance app in 2014, Numbrs has become one of the most widely used financial apps in Germany and the United Kingdom with more than 2.3 million downloads and 1.8 million linked bank accounts. Two weeks ago the company announced a successful financing round of CHF 17 million.