Not all banks are evil, says German finance app to clients

Bloomberg

Germany’s latest banking upstart has a message for the millennials it’s trying to lure away from giants like Deutsche Bank AG: We’re one of the good guys.
Hamburg-based Tomorrow, which offers free current accounts via mobile phones, promises to use customer deposits to finance only sustainable projects such as renewable energy and organic agriculture. The company claims that its strategy provides an antidote to traditional lenders that might finance a new coal-fired power plant or a genetically-modified-food company’s expansion.
“We are a bank for people who want to change the world for the better,” co-founder Inas Nureldin, 37, said in an interview.
An increasing number of fintechs are putting banking services on smartphones. They are trying to take advantage of branch closures by traditional lenders, which is prompting more people to manage their
accounts online.
By emphasising the virtues of so-called impact banking, Tomorrow is also trying to differentiate itself from direct competitors such as N26, a German banking app bac-ked by billionaires Peter Thiel and Li
Ka-shing that has 2.5 million customers across Europe.
About 4,500 people in Germany have downloaded the Tomorrow app, which was officially launched two months ago. The company’s goal is to increase that number to 20,000 by the end of 2019. “We think it’s feasible to have around 1 million customers across Europe in three to five years,” Nureldin said.