Prize-linked FinTech EverUp closes crowdfunding 124% above target

Prize-linked FinTech app EverUp has closed its crowdfunding campaign on ?496,185, which was raised at a pre-money valuation of ?9.9m.

The fundraise, which was raised on the crowdcube platform, originally had a target of ?400,000.

EverUp received commitments from 377 investors and distributed 4.73% of its equity among the backers. Shares were priced at ?6.74 apiece.

The UK-based FinTech company is a prize-linked rewards platform that aims to boost savings. The app lets users earn virtual coins by spending or saving money and use these to play in its lottery-style games, which have tax-free cash prizes and gadgets.

There is a weekly lotto with a ?1m jackpot, a daily raffle that has cash, coins and gadget rewards and mini games where users can win cash and coins.

Since January 2021, the company has launched its services on iOS and android devices and is growing its user base by an average of 49% month-on-month. It has 11,000 users and 5,000 cash accounts open.

The FinTech company recently entered the cryptocurrency and non-fungible tokens (NFTs) markets. It offers a debit card that lets consumers spend in fiat and have a chance to earn cryptocurrencies and NFTs with each purchase. Users can then store these loyalty rewards.

Copyright ? 2022 FinTech Global

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