EverUp, which offers a mobile-based money account that rewards making savings, has stormed past its crowdfunding target to raise up to £286,302.
The campaign, which is being raised on the CrowdCube platform, has raised the capital from 373 investors and has another 17 days left on the sale.
An initial target for the crowdfunding was put at £150,000.
Share price for the sale is £3.25 and it puts the FinTech’s pre-money valuation at £4m.
The FinTech offers a “prize-linked” savings scheme. It works by consumers being rewarded with virtual coins when they make savings. The more they save, the more coins they can earn.
These coins can then be used to enter virtual games, the Wheel of Fortune or Lotto and Raffles. The Wheel of Fortune permits the user to spin a virtual wheel and have a chance of winning additional coins or tax-free cash prizes.
Through its Lotto and Raffles, consumers can win up to £350,000 in a weekly draw or smaller winnings through daily raffles.
The FinTech has received approval from the Financial Conduct Authority and is launching its services on iOS and Android devices for beta in January 2021. Funds from the round will be used support its initial operations and gain market traction.
Consumers can sign up to the waiting list for the app and beta.
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