Tomorrow Bank secured €3 million in an equity crowdfunding campaign.
Tomorrow Bank, a Hamburg, Germany-based consumer neo bank, announced that it secured funding of €3 million ($3.6M).
The money was raised via an equity crowdfunding campaign, which was closed in roughly 300 minutes.
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.
The company reported a loss of €4 million for the first eight months of 2020 and expects to break even by 2025.