Spendology embarks on global expansion journey with Seedrs funding


Spendology has made headlines with its recent decision to open a crowdfunding campaign via Seedrs.com, setting its sights on a broader international horizon.

In its bid for expansion, Spendology has successfully achieved its initial funding goal of £300k on Seedrs. The platform’s active participation from the investment community includes seasoned and new investors alike.

As a frontrunner in the FinTech space, Spendology provides a Cloud platform through franchise partners. This platform is promoted to a vast array of clients, including travel agencies, financial institutions, and corporate entities. It offers a versatile service model, with customers having the choice to place orders online or directly in stores. The service then extends to either home delivery or instore collection based on individual business operations. Most of their franchises are deeply rooted in the wholesale banknote distribution or they offer retail distribution services for these banknotes.

This dedication to innovation is clear with Spendology’s recent announcement of its first international franchise partnership. The $23bn giant, Internova Travel Group, has just rolled out its inaugural US white label this month under the banner of Altour Foreign Currency. Testament to the platform’s success, Internova has secured an agreement with a national retail chain. This collaboration will facilitate a click & collect foreign currency service, coupled with various other travel-centric products, across over 1,000 stores, building on a previously successful pilot.

The funds garnered will not just be sitting idle. Spendology has a strategic vision of piloting their platform in two nations concurrently, specifically targeting a global wholesale banknote distributor. If the pilots meet their objectives, we could potentially see a surge in Spendology franchises – with predictions suggesting up to twelve new ones in the coming two years. This explosive growth could catapult Spendology’s revenue into the millions while maintaining lean operational costs.

For those still interested in being part of this journey, the Seedrs funding window remains open, inviting more investors to join the fold.

Spendology CEO stated, “This recent funding venture has not only achieved, but exceeded our expectations. We’re enthusiastic about the potential growth avenues this opens up for us, both in terms of market reach and product enhancements.”

Previously, Spendology has made significant strides in the sector, showcasing its potential and establishing a strong foothold.

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.