With 40 days remaining on its Crowdfunder equity crowdfunding campaign, FAB Financial Inc. has raised over $2M of its $3M goal with a $10K minimum reservation. Pre-valued at $15,000,000, FAB Financial’s mission aims to help artists manage their finances and to make, market and monetize their creative work, putting FAB at the core of the $1.6T creative economy.
Founded by Eurythmics musician Dave Stewart (of “Would I Lie to You?”, “Here Comes The Rain Again” and “Sweet Dreams” fame) and former CEO of Credit Suisse EMEA, Michael Philipp, FAB has a management team that includes those with banking, finance, technology, entertainment and marketing experience.
Philipp’s 25 year career in global investment banking, including board level roles at Credit Suisse and Deutsche Bank will certainly be an asset. He also was Chairman and Chief Executive Officer of Credit Suisse Europe, Middle East and Africa, and a Member of the Group Executive Board of Credit Suisse from 2005 to 2008. Philipp was CEO of Deutsche Asset Management from 2000 to 2002 and was a Member of the Board of Managing Directors. He joined Deutsche Bank in 1995 and helped create their global investment bank. Phillip began his banking career at Goldman Sachs (1982-90) and Merrill Lynch (1990-95), and was a pioneer in the growing global futures and options business.
Stewart is a producer, author, director, photographer, filmmaker, and philanthropist whose music career spans three decades and more than 100 million album sales, highlighted by his collaboration with Annie Lennox in the pop-rock duo Eurythmics. He has also produced albums and co-written songs for Bono, Bryan Ferry, Gwen Stefani, Tom Petty, Katy Perry, Joss Stone and Sinead O’Connor. Stewart and Philipp are FAB’s top investors.
Why FAB? “Banking is broken. Years ago people who needed business advice would turn to their local bank manager for help. The banker was thought of as a trusted member of the community. Nowadays people don’t really like banks. Through consolidation banks have become bigger and bigger, and smaller banks that understood and served their communities have started to disappear….A number of factors have aligned to create a perfect environment for the launch of FAB: distrust in the existing banking system; the availability of alternative financial services and tools; new technologies making it possible for artists to circumvent media gatekeepers; and new laws opening up the market to new routes to fundraising,” commented FAB in its campaign.
How will FAB achieve its goals? “Artists everywhere have traditionally been underserved by banks, and have struggled to establish their value in the economy in general, FAB is designed from the ground-up for the creative community with the goal of becoming their trusted business advisor. To resolve these issues, FAB is launching two product offerings: the FAB Money App which will allow artists to understand and manage their money in a simple and engaging way; and FAB Advisory which will help artists make money from their art.”
- See all of their accounts
- Get a simple safe to spend amount that takes into account their income, expenses and savings
- Categorize and hashtag their transactions for easy accounting
- Set and track achievable goals
With FAB Advisory, artists will receive the knowledge, tools, and access needed to:
- Build better businesses by signing good contracts and picking the best partners
- Raise money for their projects through crowdfunding, equity funding, and loans
- Create awareness by creating a brand strategy and leveraging social media
- Monetize their art through preferred distribution and e-commerce platforms
More detailed information about the FAB platform is available here for registered Crowdfunders. FAB’s campaign closes 31 May 2015.
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