Just days after launching its equity crowdfunding campaign on Crowdcube, UK fintech Glint has successfully secured its initial £1.25 million funding target, thanks to nearly 300 investors. The funding round is part of Glint new Series A funding round, which is seeking a total of £15 million.
As previously reported, Glint was founded in 2015 and 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.”
Glint also stated 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.”
Along with the crowdfunding success, Glint received some questions about comments made by Roy Sebag of Goldmoney from last Fall on Twitter as well as this document. Speaking about the comments, Glint stated:
“In November 2017 Mr. [Sebag], provocatively pinned on his personal twitter feed, comments that reflected his own opinion, that of an embittered competitor. At Glint we feel Mr [Sebag] has deliberately set out to discredit our board, the founders and even our team. He has defamed us personally and our business in an attempt to stifle healthy competition. Despite all this we decided our focus was best placed on our clients and our business. Mr. [Sebag] wishes he could build a moat around Goldmoney and protect it against competition. But misrepresenting facts isn’t the way to do that. We’re excited about the launch of Glint Pay and know that consumers and businesses have and will kick the tyres and see the great value that it offers.”
The Glint team also noted that they have built significant partnerships with Mastercard, Barclays, Lloyds bank, bullion banks, payment processors and Issuing banks around the globe and have received investments from NEC Venture Fund and the Tokyo Commodity Exchange. They then shared:
“We share Mr [Sebag]’s passion for the potential of reintroducing gold as money and believe there is a great future ahead for those who take advantage of the technology advancement which allows individuals and businesses to save (store) physical allocated gold from which they can spend in the electronic payment system using a standard debit card or via the banking clearing system.”
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