Muniy is the latest challenger bank to come out of the UK, but it promises to offer something new and exciting as part of its new crowdfunding campaign.
The company is hoping to raise £200,000 on Crowdcube at a £2.7m pre-money valuation and for 6.9% of equity. With 19 days left of its campaign, it has already convinced 161 investors to inject £143.310 into the fledging FinTech enterprise.
Of course, Muniy will face a lot of competition as the UK is home to one of the most active challenger bank sectors in the world. Revolut, Monzo, OakNorth, Startling Bank and Railsbank are just a small selection of the neobanks that have popped up in the country over the years. However, Muniy is convinced that it has something unique to offer.
Instead of focusing what it refers to as “improving the user experience for familiar banking functions” in its pitch, Muniy will start by trying to boost the retail experience by offering “better, more personalised banking, for everyone.”
“By paying with Muniy, customers connect anonymously with merchants, whilst allowing merchants to benefit from lower transaction processing costs [which is] currently a global spend of [more than] £30bn [annually] and higher levels of customer loyalty,” the neobank said.
So far the startup only offers freemium and paid accounts with core features including QR Payments, instant P2P money transfers, real-time transaction notifications, contactless cards and more.
“Part of our plan to drive adoption is to offer a lower transaction cost to merchants (up to 50% less than what they currently pay) and eventually partner with brands to develop personalised reward schemes for customers,” Muniy said.
It will use the money from the crowdfunding campaign to run a pilot in the UK and in the EU. Following that, it plans to tap into key markets in the Middle East.
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