News

Dubai-backed fintech reaches unicorn status

Swiss fintech Numbrs, which is backed by the Investment Corporation of Dubai (ICD), has been valued at $1 billion, making it the latest unicorn in the global fintech world. Numbrs is a mobile app for personal financial planning, helping users manage their bank accounts and credit cards and perform basic mobile banking functions. The startup recently raised $40 million to bring its total funding to $200 million and bringing its valuation past the $1 billion mark. The ICD is one of Numbrs more exceptional backers, making its first investment in 2017. The startup has deliberately focused on private investors, as opposed to venture capital firms and private equity or sovereign wealth funds.   “Venture capital and private equity funds tend to have less patience,” said Numbrs chief executive Martin Saidler. “They get nervous when it takes longer for a startup to earn money.” Numbrs, which launched in 2014, is not yet profitable but hopes to break even in two years, said Saidler. ©2019 funds global mena

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