Globally, the banking sector is undergoing a paradigm shift with the entry of numerous fintech platforms as their formidable competitors. Riding on the wave of innovative technology, most of the fintech companies are focusing on delivering personalised services and customer experience. As a result, investors’ urge towards funding innovative fintech platforms remains strong.
Raised €6.6M funding
Based out of London, Ziglu, the personal money app platform, is the latest startup to get funded. Recently, the digital platform successfully closed its crowdfunding campaign, having raised over £6M (approx €6.6M) from over 1250 investors.
In a blog post, Ziglu mentions, “After a 2-week document review period, Seedrs nominee investors will have access to a dedicated investor relations/discussion area on the platform where they can receive updates from Ziglu, and they can communicate directly with other investors. Then they can expect to receive the representation of their share and, depending on the level of investment, Ziglu’s raft of membership perks and rewards will be rolled out.”
Exceeded initial target
The company has exceeded its initial £1M (approx €1.1M) target and went on to raise 500% more due to very high investor demand. As per the company’s claims, the average investment amount was £4,800 (approx €5,301). The campaign, the largest Seedrs equity raise of 2020, was more than five times oversubscribed. The company has now raised £11M (approx €12.1M) during 2020, including the initial seed funding round.
“Thanks to Seedrs’ monthly trading cycles, buyers who wish to invest outside our funding round (or buy more shares in Ziglu) can purchase share lots from sellers who are looking to convert their investments into returns or sell their shares to free up funds. As with any other investment, once the paperwork is completed, funds are released directly into the seller’s investment account, and the transfer of shares reflected on the Seedrs platform and those UK taxpayers eligible for EIS or SEIS tax relief can download their tax certificate (from Seedrs) once issued,” says the company.
2M customers by 2024
The UK company will use the proceeds to fund the technology and product development teams, international expansion, and meet the growing demand for Ziglu’s personal money app.
“This round of crowdfunding investment will accelerate our growth through feature and development. Using innovative marketing channels, dynamic campaigns, organic content, and an intuitive referral process, we hope our exciting roadmap will take us to 2M customers by 2024 across the UK, Europe, US, and Asia,” says Ziglu.
Easy access to digital currencies
Founded by Mark Hipperson, and Niall McConnell, Ziglu offers a platform where both traditional & digital currencies can be managed seamlessly in one app. The cryptocurrency platform gives everyone easy access to digital currencies, including, Bitcoin, Bitcoin Cash, Ether, Litecoin, and XRP.
As an innovator in the fintech space, Ziglu has been classified as a Knowledge Intensive Company (KIC) by HMRC, enabling KIC investors to claim tax relief on investments up to the value of £2M (approx €2.2M).
The firm also recently launched its limited-edition power pink Mastercard debit card by enabling Ziglu customers to support their community through FareShare – a leading charity in the UK that fights hunger – with a donation every time they use their card at a supermarket.
Main image credit: Ziglu