NumberX to launch an app-based payment card backed by Mastercard and other investors.
NumberX, a Vienna, Austria-based startup working on building a financial service business based on an app-based payment card, announced that it secured a capital investment round.
The deal, which has financial details undisclosed, was made with the global payment network Mastercard, the financial technology company PPS and industry-related investors whose name was not disclosed. The German media estimates the funding to be around €1 million.
NumberX, founded in 2020 by Claudio Wilhelmer and Matthias Seiderer (both co-managing directors), are working to launch an app-based Mastercard powered by Open Banking, with the value proposition that users can connect all their current accounts to a single app (the NumberX app), set a monthly spending limit and use the NumberX Mastercard to make cashless payments worldwide without hidden costs, to withdraw cash free of charge as well as benefit from other services.
This business model involves charging a new flat-rate fee.
The company estimates to launch in European countries, initially in Germany and Austria, by the summer of 2021.