Investment Corporation of Dubai Buys Significant Stake in Centralway Numbrs11.01.2017 12:27
Centralway Numbrs, a leading European banking app, has today announced that the Investment Corporation of Dubai (ICD), the principal investment arm of the government of Dubai, has made a substantial investment to support the company’s future growth plans. ICD belongs to the world’s biggest sovereign wealth funds.
The investment from ICD brings a strong institutional partnership, enhances Centralway Numbrs’ 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 Mirabaud family, which controls the private bank that bears its name.
Centralway Numbrs aims to revolutionise the way financial services are accessed. The customer centric app enables users to manage their existing bank accounts and personal finances, and to buy any financial product at the best possible price. The company’s recent launch of its Store & Chat functions in Germany has created a mobile platform providing customers with immediate access to banking products and services, all in one place. In Germany, 1.5 m bank accounts are currently managed through Centralway Numbrs, which is the #1 independent banking app on iOS and Android. The UK launch is scheduled for early 2017.
“We are now seeing the most significant change to happen to the financial services industry in almost half a century,” says His Excellency, Mohammed Al Shaibani, CEO of ICD. “As ICD continues its geographic and sectorial diversification, our exploration of opportunities for investment in the next frontiers of innovation for global growth have naturally led us to Centralway Numbrs, where in our assessment we will be well positioned to leverage the opportunities in the advent and growth of fintech,” he continued.
Founder and CEO of Centralway Numbrs, Martin Saidler, commented: “Today’s 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.”
About Centralway Numbrs
Centralway Numbrs is a customer centric financial services company. It enables its customers to manage their existing bank accounts and personal finances, and to buy any financial product from every provider at the best possible price. Centralway Numbrs is not a bank and won’t become a bank. Centralway Numbrs is headquartered in Zurich, Switzerland and employs 150 people. 1.5 million bank accounts in Germany are currently managed through the app and it is the #1 bank independent banking app on iOS and Android. The majority shareholder in Centralway Numbrs is Saidler & Co., the family office of Martin Saidler.
Investment Corporation of Dubai
Investment Corporation of Dubai (ICD) is the principal investment arm of the Government of Dubai. It was established in May 2006 by decree (11) of 2006 and mandated with the consolidation and management of the Government of Dubai’s portfolio of commercial companies and investments. ICD was also assigned the provision of strategic oversight to portfolio companies through the development and implementation of effective corporate governance policies, and sound investment strategies. ICD is focused on maximizing stakeholder value for the long-term benefit of the Emirate.
ICD’s portfolio comprises some of Dubai’s most recognized companies, and represents a cross-section of vital economic sectors that the Government of Dubai has deemed strategic for the continued development and growth of the Emirate. The sectors include financial services, transportation, energy and industry, real estate and leisure, retail, and other holdings. In addition, ICD has embarked on a disciplined and sustainable strategy of global investments, which are synergistic with its existing portfolio, to extend Dubai’s presence and expertise into international markets.