Tomorrow Bank in a €14 million funding round backed by Abacon Capital.

Tomorrow Bank, a Hamburg, Germany-based consumer neo bank, announced completing a €14 million ($16.4M) capital funding round.

The money was raised from investors including the Hamburg family office Büll Abacon Capital - the deal values the company at €70 million.

Tomorrow Bank, founded in 2017 by Jakob Berndt, Inas Nureldin and Michael Schweikart, provides banking services for consumers - it launched a current account in March 2019 and has over 40,000 customers.The company's twist is placing the deposit money in what they call sustainable investments – i.e. a better tomorrow. For example, out of deposits of €73 million, 19.5 were invested in sustainable projects. Earlier in 2020, the company launched its payment account and for 15 euros per month, customers can offset their CO2 budget, withdraw unlimited amounts of money and open an unlimited number of sub-accounts. In the free version, these services are limited.

Tomorrow Bank previously raised €3 million at the end of 2020.