Payment App Cringle Trades Media for Equity with Axel Springer

cringle-appCringle 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.

joschka-friedagAccording 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-investors-locationCringle 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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