Birmingham-based mobile payment startup, Droplet, recently finished its crowdfunding round on Crowdcube. Originally seeking £500,000 for a 12.56% in equity, the company has successfully secured nearly £575,000.
Droplet is a mobile payments app that allows users to pay without having to queue, and collect rewards on their phone each time they spend. Supposedly, one of the reasons businesses love the startup is because it’s transaction fee-free, saving money on what they normally spend on cash handling and card processing.
The Droplet team stated:
“When we started Droplet we felt we could apply the power of the web to payments to save time and money. Rather than making money out of business’ needs to transact, Droplet creates exciting products that allow businesses to reinvest that money and make life easier and better for customers. We’ve achieved this by taking a lot of the clunkiness out of the old fashioned card systems. Because there’s no scanning or tapping, customers can pay from anywhere – they don’t have to queue to pay or wait for the card machine.”
According to Tech City News, Droplet’s investors included government-backed London Co-Investment Fund, which invested £150,000. CEO and co-founder of the service, Steffan Aquarone, stated:
“Droplet is founded on the belief that you can do payment differently, with absolutely no transaction fees for merchants or consumers. We are the only payment system in the world to take that approach and I think the attention and funding we’ve gathered on Crowdcube shows how much people like that idea. We’re now looking forward to using the funds raised to help further disrupt the payments industry – it certainly needs it.”
Currently, Droplet operates in various locations, which are Brighton, Cambridge, Exeter, Glasgow, Leeds, Norwich and Sheffield. It also plans to expand to 12 more cities, including London. The startup has also signed up 600 merchants and has 18,000 backers. In addition to the funds on Crowdcube, Droplet has raised a total of £1.4m.
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