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NEWS Number26 looks to quell user unrest
Senior Editor Scott Thompson
German digital-only bank Number26 has issued a statement on its controversial decision to cancel several hundred customer accounts.
at suddenly being frozen out. But the venture says that it made the move as people were overusing its free ATM withdrawal service.
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The startup has raised over €12 million from the likes of Peter Thiel’s Valar Ventures, Earlybird Ventures and Axel Springer Plug & Play. Founded in early 2013 by Valentin Stalf and Maximilian Tayenthal, it has acquired more than 160,000 customers, processes one million- plus transactions per month, and late last year expanded beyond Germany and Austria to France, Greece, Ireland, Italy, Slovakia and Spain.
ngry users took to Twitter to vent spleen
The statement notes: “Every customer is important to us, so this was a difficult decision to make. There are various reasons why a bank can cancel accounts in the normal course of business including the suspicion of misuse of an account or money laundering. An additional factor for cancellation notices in the last few days was highly unusual account usage that was a strong deviation to typical customer behaviour. In particular, this involved a number of customers who used their Number26 accounts almost exclusively for frequent ATM withdrawals. These customers made about 15 ATM withdrawals per month on average, and sometimes up to 30, each month for several consecutive months.”
www.ibsintelligence.com © IBS Intelligence 2016
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