The funding was led by an undisclosed group of C-Level executives and entrepreneurs from Europe and the United States. The company previously raised $700,000 USD in a Friends & Family round. The funds will be utilized to further expand operations along with U.S. market penetration, application support efforts and next stage product development. In addition, the company expects to open U.S. headquarters in early 2019.
Nummo aims to capture significant market share in a rapidly expanding category by bringing ease of use, clarity and transparency to consumers who are looking to improve their financial wellness. Nummo is independent of existing financial services companies and does not accept financial incentives, kickbacks or commissions from any financial institutions, investment firms or robo-advisors. Users do have the ability to connect their bank accounts to over 19,000 financial institutions while also being able to access a comprehensive guide to the current robo advisors’ market.
“At Nummo, we have worked hard to create a platform that makes it easy for people to aggregate their bank accounts to help better understand and manage their finances. Our goal is to help simplify and shift the money mindset,” said Roi Y. Tavor, co-founder and CEO, Nummo. “This funding enables us to expand our offerings. We are also very excited to be working with two such high caliber advisors as Lawrence Baxter and Mac Lackey. The experience and insight they bring will contribute to the next phase of our growth.”
Nummo was co-founded by Roi Tavor and Enrico Schoch. Roi Tavor spent his entire career in the financial industry servicing wealth management clients. Amongst others, Roi served on Julius Baer’s Management Advisory Board being recognized as one of the bank’s top 40 executives. Enrico Schoch is a successful entrepreneur in IT services, with over twenty years of experience in the financial industry. Founded in 2016, Nummo is headquartered in Zurich.