Earlier this month, Droplet, a fee-free mobile payment app startup, has launched its second equity crowdfunding campaign on Crowdcube with a mission to raise an additional £450,000 for its expansion plans. Nearly one year ago, the company successfully secured £549,020 from 298 investors. Now CEO, Steffan Aquarone is ready to share details about the new initiative.
While sitting down with the crowdfunding platform, Aquarone discussed the company:
“Droplet is my fifth startup and we came up with the idea after wondering why businesses were still being charged to receive payments. So in 2011, Will (co-founder) and I had launched Droplet, as the platform lets customers pay in their favourite places hands-free and collect loyalty rewards on their phone. For merchants, Droplet offers customer data, behavioural insight, and customer acquisition features, as well as unlimited fee-free payments. After running a digital agency and experience in B2B, I knew how important it was to collect this information, so it was just a matter of pitching to companies.”
Steffan also went on to chat about Droplet’s employee growth:
“Everyone is extremely passionate about our business and we’re incredibly lucky to have the team we do. Our CTO, Jeroen, worked at a big financial data platform in Belgium. Our CMO, Viv, was early in at a digital marketing business that sold in 2014.”
He also revealed what has happened since Droplet’s first campaign:
“We have grown our user base from 6,500 people to over 30,000 and achieved a big milestone of releasing a new product. This combination has really ‘moved the dial’ for people, because it means they only have to do one thing to pay and collect rewards from their favourite places.”
In regards to why he and his Droplet team decided to return to Crowdcube, Aquarone added:
“Quite simply, it worked! Last time we were asking investors to back the idea, the team and our track record so far, and many of the people and businesses who use Droplet got on board and now own a piece of our business. This time we’ve released our loyalty product and we’re revenue generative, so we want existing and new investors to back the business and watch Droplet grow even further.”
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