Investment Corporation of Dubai invests in Banking App Centralway Numbrs
Leading global law firm Baker McKenzie has advised European banking app Centralway Numbrs on its substantial investment from the Investment Corporation of Dubai (ICD), the principal investment arm of the government of Dubai. The investment will support the company's future growth plans, as it also announced plans to launch in the UK early in 2017, building on the 1.5 million bank accounts in Germany that are currently managed through the app.
Headquartered in Zurich, Centralway Numbrs was one of the first mobile banking aggregator apps and lets you track and manage your spending across multiple bank accounts from a single mobile app. You can also compare and purchase various financial products. Currently employing 150 people, it is the #1 bank independent banking app on iOS and Android.
The investment from ICD brings a strong institutional partnership, enhances the Company’s capital base and brings the total investor base to 46 family investors. The technology firm has attracted a number of highly experienced individual investors from across European financial services, including Sir Ronald Cohen, co-founder of Apax Partners, Alan Howard, the founder of Brevan Howard Asset Management, Josef Ackermann, the former CEO of Deutsche Bank and the Pierre Mirabaud family, which controls the private bank that bears its name.
Founder and CEO of Centralway Numbrs, Martin Saidler, commented: “This announcement represents an important next step in our journey to becoming the world’s leading banking app. The backing from a leading institutional investor such as ICD further validates Centralway Numbrs’ potential of becoming the leading digital financial services platform. Our approach is to work in partnership with our investors and with the support of ICD, as well as our broader investor base, the company will continue to grow and expand, as well as rolling out new product features.”
The Zurich office of Baker McKenzie advised Centralway Numbrs on this investment, with a team led by Alexander Wyss and Manuel Meyer.