Numbrs, a Swiss FinTech firm, blamed banks for the failure of its initial business model as a third-party financial product supplier. As a result, the company has relaunched itself as Bitcoin. According to a SwissInfo story, the company that has been touted as a rare Swiss FinTech unicorn has transformed into a Bitcoin storage vault. Apps such as Numbrs have been banned because they collected all of their clients’ financial information and then sold them products from financial institutions. According to Fynn Kreuz, CEO and Chairman of Numbrs, Open Banking efforts should make it easier for FinTechs to connect to the financial system and clients.
Numbrs joins a cryptocurrency startup
Investors are refusing to put further money into Numbrs in 2020. As a result, the firm’s founder, Martin Saidler, announced layoffs and moved the majority of the funds required to a cryptocurrency company. Numbrs’ headquarters were moved from Zurich to Zug’s “Crypto Valley,” with 70 staff working remotely. Kreuz and Saidler have been experimenting with Bitcoin since 2013, and they believe that decentralised digital money will become “the foundation of a new monetary system” with the “potential to revolutionise every aspect of our life.”
