Cringle is a smartphone app for users who want to send money to friends across Europe in a matter of seconds. Cringle has received numerous awards and has found a partner in German bank Deutsche Kreditbank AG (DKB). In the past year, Cringle has been able to build a bridge between traditional banks and Fintech, thus making a contribution to the digitization of payments.
Recently Cringle launched a crowdfunding offer on Companisto. The offer stands fully funded today having achieved its target of raising €400,000. Founded in 2014, Cringle decided to extend the offer and, as of today, is just shy of € 500,000. As part of its marketing initiative, Cringle has established an interesting promotion angle. They have partnered with global media company Axel Springer with a “media for equity investment” agreement.
According to Berlin-based Cringle, an agreement with Axel Springer SE in the amount of € 1 million has been signed. The exact details of the arrangement were not revealed.
“For us, Axel Springer is simply the ideal partner to make a good product known and established in the market,” stated Cringle CEO and co-founder Joschka Friedag.
Cringle has been downloaded over 50,000 times and has transferred approximately € 1 million. The company intends on continuing aggressive expansion plans as it provides a superior money transfer service.
Cringle has shared some interesting facts on the investment crowdfunding offer. According to a recent statement, the average age of an investor stands at 36 years old. The vast majority are male. Largest single investment stands at €10,000.
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