Glint Pay, a mobile app that enables users to buy gold, has reportedly netted £2.5m in a new funding round.
The FinTech raised £1.25m of this through a private investment and the remaining £1.5m via the government’s Future Fund, according to a report from Business Money.
With this fresh equity, Glint is looking to bolster its marketing efforts, hire more staff and hopes to increase its user base, it said.
Following the close of the round, the FinTech has raised a total of £24m since it was launched, it said. Glint previously raised £15m in its Series A back in 2018, which included a £1.5m crowdfunding campaign.
This new investment comes shortly after Glint Pay released its new Glint It! service, which enables users to send and receive money, gold and other digital currencies.
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 lets users store, send, exchange and spend money.
Glint Pay founder and CEO Jason Cozens told Business Money, “After last year’s expansion into the US and the launch of our P2P offering, Glint It!, we’re eager to tackle the next stage of our growth and meet our ambitious targets over the next 12 months. Additional funding will help to facilitate this, but it is our diverse and exceptional leadership team that provides us with a clear, competitive edge.”
The Future Fund has been active within the FinTech sector, helping companies to survive through the pandemic. It recently contributed to the £1.75m funding round of Incuto, which aims to provide everyone with access to affordable finance.
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