Unbanked, a global neo-bank build on the blockchain, has had a flying start to its crowdfunding campaign, having already surpassed its target by 5,465%.
The fundraise, which is being held on the Republic platform, has raised $1.3m from 1,485 investors, so far. There are still 42 days left on the campaign and a fundraise hardcap of $5m.
There is a valuation cap of $115m for the fundraise.
Other fundraise details include a minimum investment of $150 and a maximum of $500,000.
With the fresh capital, the company is hoping to boost its marketing, make new hires, expand geographically and create new products.
Unbanked connects traditional enterprise, FinTech and banking systems with blockchain infrastructure, which it hopes expands the utility for cryptocurrency for investing and everyday purchases. It offers financial products that help banks, unbanked and underbanked build financial experiences.
It offers virtual and physical cards for consumers in the US, Europe and Latin America. Other features include a bank account, which can be funded with a variety of cryptocurrencies, card rewards, crypto buy and sell tools, and more. Its products are also available to businesses.
The company’s audited revenue has increased significantly over the years. In 2019 it was $1.7m, which increased to $9.3m in 2020. It is forecasted at $20m for 2021.
Unbanked has raised a total of $1.4m in funding, to date. Its former funding round, which was also raised through Republic, pulled in $1m.
Speaking on the new crowdfunding campaign, Unbanked co-founder and co-CEO Ian Kane said, “Investors have been asking for over a year when we would do another capital raise and we knew we wanted to use Republic again.
“We are democratizing financial access with our products so it only made sense to also democratize investment terms via our crowdfunding campaign. Everyone gets to participate at the same terms, whether you’re a VC or a retail investor.”
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