German sustainable banking startup Tomorrow has raised just below €5M in new funding. Existing investors Abacon Capital, ETF Partners and Kopa Ventures participated in the round IFB Innovationsstarter.

To funding will be directed towards customer acquisition and develpoing its software, including expanding its range of banking products. The startup is known for collaborating with customers to offer cutsomised account fees.

Co-founder and co-CEO Michael Schweikart commented: “We are currently passing an important milestone with Tomorrow. Despite a challenging market environment, which has hit many startups hard, we were able to secure a substantial financing round and are profitable on a monthly basis for the first time.”

Tomorrow was founded in 2018 by Inas Nureldin, Michael Schweikart and Jakob Berndt, and has since accrued over 100,000 customers and more than 10,000 crowdfunders (earning it the title of Europe’s largest crowd-backed company). It is also known for “ethical banking” alignments such as directing customers away from investments that support the fossil fuel industry.

The company also offers carbon offsetting investment opportunities to lower a customer’s carbon footprint.

The company does not yet own a banking license.