Decentralised banking platform BABB is looking to raise another £1.5m, having just recently closed a $20m token sale.
BABB (Bank Account Based Blockchain) has raised up to £720,620 in a crowdfunding campaign, which is currently live on Crowdcube. The goal of the sale is £1.5m, but it is unclear whether this is a target or hardcap. There are 51 days left for the campaign.
There have been 901 investors to back the raise already, with BABB looking to offer around 1.48 per cent of its equity for the investment round. This capital is being raised at a pre-money valuation of £100m.
London-headquartered BAAB is developing a decentralised banking platform which offers a bank account, payment card, and access to a P2P network. The mobile app will supply a bank account with face and voice recognition security, and tools for domestic and international transactions.
BABB hopes to connect banking to those that are underserved or excluded from traditional forms. The payments card, Black Card, connects directly with the mobile app through a QR code or NFC tag, and can be used at supported stores or online shopping.
In March the London-headquartered company closed its token sale on its $20m goal, and was earmarked to help it attain a UK banking license. It is looking to release blockchain-powered bank accounts and a mobile app by the end of the year.
Last month the digital bank formed a partnership with app and software developer Intellectsoft. The deal will help support BABB’s app development and get it ready for the private release in Q4 and public launch early next year.
Copyright © 2018 FinTech Global
