Financial advice website Boring Money has smashed the target of its crowdfunding platform by more than double.
The platform, which still has another 24 days left on the crowdfunding, has reached £762,157 raised from 850 investors. Boring Money’s initial target for the fundraise was £300,000.
Boring Money has set aside 8.7% of its equity for the fundraise, but it is unclear whether this percentage will continue to rise as it raises more funds.
There is a pre-money valuation of £8m and each share costs £4.58.
The FinTech platform self-stylises itself as the financial lovechild of TripAdvisor and Which? by helping the public receive investment and pension guides.
Users can utilise a plethora of tools to help them make better decisions with their finances, whether it is comparison of ISAs and pensions, personal financial plans or money guides. Boring Money claims that 47% of investors in the UK lack confidence and it hopes to help.
With the equity secured in the crowdfunding campaign, the FinTech is looking to
The company claims to have pulled in over £1m during 2019 in revenue.
Despite the pandemic, UK-based FinTechs have still been able to attract investment. During the first half of 2020, a total of £2.8bn has been deployed across 164 transactions.
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