Cringle has returned to Companisto for its second equity crowdfunding round, aiming to raise 600,000€ for 9.09% equity offered. The campaign has quickly raised over 61,000€ from more than 83 investors in the first day of its campaign for the company now valued at 6M€. The largest investment to date is 5K€.
Since its first successful equity crowdfunding round on Companisto in 2016, the German fintech startup, which develops mobile payment solutions, has become a reliable partner for banks and app providers in Europe. Utilizing Cringle tech, users may “immediately, securely, and reliably” send money to any cell phone, as simply as sending a text, without using an IBAN. The company counts DKB, Consurbank, Deutsche Kreditbank AG, Microsoft and Deutsche Vermögensberatung as clients, reaching more than 10 million potential customers. Investors include Axel Springer, Yabeo Capital, Michael Brehm.
Since launching over 3.5 million euros have been sent via Cringle, with a monthly growth of more than 10%, the fintech platform seeks to establish itself as Europe’s leading provider of mobile payments between private individuals. 42% of the over 75,000 Cringle users remain active after 6 months, according to the campaign.
Co-founded by Joschka Friedag, Malte Klussmann, Konrad Maruszewski, Frane Bandov and Alexander Nehls, Cringle makes electronic payments in Europe possible via smartphone. Each bank and every app provider in Europe looking to offer customers quick and easy P2P payments may incorporate Cringle technology into their own product portfolio.
“In 2014, we developed the Cringle app and an innovative mass-transaction platform. Together with the Deutscher Kreditbank AG (DKB, the second largest online bank in Germany), we built up the first bank-to-FinTech partnerships. We set up the payment system according to EU-wide banking standards and all the legal requirements,” shared Cringle. “We then connected it to DKB’s infrastructure. The Cringle payment system meets the same security requirements that apply to all online banking and has been able to utilize many years of previous experience in the areas of digital payment and bank partnerships. While taking into consideration the highly sensitive security requirements, we’ve been constantly developing new, innovative technology with our 15-person team since our launch in 2014… Thanks to more than 1,400 Companists, we were able to successfully complete our financing goal 200% ahead of our target. We were able to acquire Axel Springer as a strategic investor over the course of the campaign. What’s more, Cringle built up a close partnership with the banking platform, solarisBank, which is in charge of handling payment processes for non-partner bank customers in other EU markets. We carried out our first product launch in Austria at the end of 2016 and plan on expanding into additional European countries by the end of 2017.”
Funding from this campaign will be used to implement pending partnerships, create new, international partnerships, and implement planned, innovative payment solutions with current partners. Cringle anticipates that this campaign will also increase its private investors and multipliers pool, ultimately helping the platform gain ground in B2B and B2C. 61 days remain on Cringle’s Companisto campaign, with an option to extend until 22 December 2017.
[clickToTweet tweet=”@cringlenet #Payment #fintech #Crowdfunding @companisto” quote=”Feeling Strong Now: Cringle Companisto Equity Crowdfunding Round 2 “]
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