On Monday, UK-based digital bank, Ffrees, announced that it has appointed former London Capital Group CEO, Kevin Ashby, as a non-executive chairman.
According to Finance Magnates, Ffrees, since launching in 2013 by founder and CEO, Alex Letts, has grown to achieve £1 million in revenues with 60,000 account holders and £110 million in client deposits. Ffrees is currently gearing up to become more public in 2016.
The company’s mission reads:
“Ffrees is a current account for everyone; whatever your story. No ifs or buts, it’s people that make our business, not money. So we don’t judge you by how much money you have or haven’t got. We simply aim to treat everyone well and help you save. We give you money management tools to help you stay in control and we reward you with savings points when you buy things through us. We leave the banking to the banks (although we do keep your money in one, to make sure that it’s secure). Our goal is to give a better, cheaper and more modern service.”
During a recent interview with the media outlet, Ashby revealed that while he has worked with many companies, he believes that Ffrees is different due to the fact that “it’s a company with a public ‘mission.” He shared:
“Our mission is leading the ‘Unbanking Revolution’ to free people from the grip of the publicly discredited, fee-concealing, debt-driving banks.”
Ashby also announced that Ffrees is preparing to launch its equity crowdfunding campaign on Seedrs. The company is seeking £500,000 for expansion and will offer 8.65% in equity. It currently has a pre-money valuation of £5.3 million.
“The Ffrees philosophy is to be The People’s Unbank. So, in line with that mantra, we are, via crowdfunding, opening up ownership to the general public.”
Ffrees’ campaign is set to debut on Seedrs this week.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!