Licensed securities agency Finanbest partnered with Crowdcube in June to raise £175,000 for 6.22% equity. The Madrid-based platform, which offers a digital end-to-end wealth management solution for retail investors, reportedly reducing costs for clients up to 70%. Now, just a few weeks later, the agency has secured more than £304,130 – overfunding by 170%+ – for 15.09% equity. Over 170 investors are involved in the round. The largest investment made on the campaign was £175,900.
Finanbest targeted the Spanish mutual funds market of more than €250,000 million in 2017, which experienced 20% annual growth in the last 5 years and 9 million savers and investors. When asked on Crowdcube how Finanbest differentiates itself from other Robobanks, the platform responded,
“RAs in Spain offer some kind of human assistance, mainly on the phone. What really differentiates us is the strength of our financial model, based in the Black-Litterman algorithm, backed by a expert Investment Committe that is obtaining greater returns for our clients. We are also unique in the partnerships with the largest leaders of the market: BNP Paribas and Allfunds. Finally we are making some tech developments via alliances that will make our platform even more innovative.”
[clickToTweet tweet=”Overfunding with 10 Days Remaining: @Finanbest_com @crowdcube #fintech #ai” quote=”Overfunding with 10 Days Remaining: @Finanbest_com @crowdcube #fintech #ai”]
Finanbest opted for UK Crowdcube is regulatory, explained the campaign in Q&A: “UK crowdfunding can be grouped in a nominee while in Spain any minor shareholder must be a direct shareholder.” The campaign also indicated in another discussion that overfunding will probably make us reduce other sources of funding,” without elaborating in detail.
Founded in 2016 and led by CEO Asier Uribeechebarria, CFO Laura Lozano, CIO Frederic Dupuy, COO Sergio Guimon and CMO Miguel Mangas, Finanbest offers an investment model for those investing €3,000 euros or more, using an experienced team and advanced technology. According to the campaign, Finanbest, regulated and authorized by the Spanish regulator under MiFID, has already partnered with BNP, Allfunds and Logalty.
Other popular pitches on Crowdcube include 2 Heads Beer company, which is quickly nearing its £350K campaign target; Emoov, which is 125%overfunding; and Harts Group, which racked up more than £2,184,700, 290%+ of its initial goal.
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