Global currency, account and app Glint aims to raise £15m in its Series A round, which will also have a portion raised through crowdfunding.
The company is looking to raise around £1.25m of the Series A through a crowdfund via the Crowdcube platform. Its decision for this is to support the demand from clients and public to back the round.
Capital from the fundraises will be used to support strategic partnerships and distribution across the UK and US. Some of the existing distribution deals in the UK include plug and play financial services platform Bud and financial planning practice Kellands.
UK-based Glint is a digital payments platform that enables the use of gold as a currency. Through the use of the Mastercard global payment system, the company’s mobile app to store, send, exchange and spend money.
Once a user has their account approved they can buy gold and foreign currency and then use the Glint card to complete transactions with the assets.
Since the company’s launch in December 2017, the company has exceeded its beta target of 15,000 registered customers with a Glint card. Users also now have access to Euros and US dollars, alongside gold and sterling in multi-currency wallets, through their Glint account.
During this time the company launched its services for Android and iOS, with plans to launch its services in the US later in the year.
Glint CEO and founder Jason Cozens said, ” Glint has had a successful launch in the UK and our fundraise will help develop our core partnerships, functionality and capability as we meet customer’s needs to buy and spend in gold in the UK, and as we rollout across the world.”
Last year, the company raised £6.1m across two separate rounds, with contributions coming from Venture Lab Investment, Tokyo Commodity Exchange, Bray Capital, and Haruko Fukuda, among others.
Since the company launched, it has raised a total of £7.5m from private and institutional investors.
Copyright © 2018 FinTech Global
