Following the announcement that Glint was seeking a total of £15 million through Series A financing round to expand into the U.S. and Japan by the end of this year, the UK fintech launched an equity crowdfunding campaign on Crowdcube to raise £1,250,000 as part of the Series A round. Founded in 2015, Glint reported it is on a mission to reintroduce gold as money into the global payments system. The company released its mobile app and Mastercard to allow users to buy, store, and spend physical gold alongside national currencies.
“Inflation is rising, cost of living increasing and return on cash savings decreasing – so what are our choices? Gold. Gold has maintained its purchasing power for millennia whilst the value of paper money continuously erodes. Gold offers protection of purchasing power in a way that cash doesn’t. The challenge – we live in a digital world.”
The company also revealed that it has built a proprietary technology platform providing real-time gold payments and multi-currency wallets with scalability in mind. In July we released our Android app and started the rollout of multiple additional currencies with EUR and USD giving clients, even more, control and choice. Glint recently stated that by the fourth quarter of 2018 users will be able to hold and spend in Canadian dollars, yen, and Hong Kong dollars. The customers will also have a personal IBAN.
Funds from the Crowdcube campaign and the entire Series A round will go towards Glint’s expansion into the U.S. and Japan by the end of this year. The company added:
“Critical to growth is the development of global distribution partnerships. We have already signed two strategic deals in the US giving us an audience reach of over 40 million, brand extension assets and local expertise. The next step on our journey is to maximise those partnerships, develop new deals, launch across international markets and continue on our development roadmap.”
Since its launch, the Crowdcube campaign has successfully raised more than £875,000 from 250 investors. It is set to close mid-August.
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