Wishwallet, a UK-based e-commerce mobile app, is now seeking a minimum of £215,000 through its equity crowdfunding round on Crowdcube. Founded in 2017, the company describes itself as an early-staged startup that is aimed to revolutionizing the e-commerce industry. Wishwallet claims its mobile app will enable users to passively save towards pre-selected products and service by automatically rounding up debit card transactions to the nearest pound.
“Our primary objectives are two-fold; to reduce the ‘abandonment’ ratio, coupled with affording shoppers the otherwise unaffordable, a win/win for both retailer and online shopper. Our revenue stream revolves around four core strategies; retailer service fees, advertising, subscription and data.”
Wishwallet noted that with every swipe and tap of a debit card, the user’s goals of a new pair of sunglasses, a weekend away, concert tickets, next summer’s flights, or even a charitable contribution. The company noted that its Phase 1 is already complete, which was the launch of its user & market research, a demo app, website, and social media infrastructure. In July 2018, Wishwallet finalized an equity agreement with app developers Tappable, and app design has already begun.
“In conjunction with raising finance, we continue to initiate and develop conversations, establishing a working pipeline of investors and retailers. Following investment we will initiate Phase 2: finalise the live app, with the goal of launching in early 2019. Remaining investment is allocated for our Marketing & PR campaign geared towards nationwide user acquisition, app support & upgrade program, with key-hires engaging new partners.”
Since its launch, the campaign has secured more than £100,000 from 100 investors. It is set to close mid-January.
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