UK-based fintech startup Upgrade Pack, a closed marketplace for global user access to discounted flight and hotel upgrades, has surpassed its Seedrs equity crowdfunding campaign target goal, swiftly surpassing £500,000 with the help of over 425 investors. To date, over £545,000 has been raised for 4.1% equity at a pre-money valuation of £12,750,000. Funding from the Seedrs round will be used to drive global expansion with a particular focus on the U.S. and Asia, as well as to extend Upgrade Pack’s AI capabilities.
Co-Founded in 2018 by COO Urchana Moudgil and CEO Craig Unsworth, Upgrade Pack views its global users as
“the most valuable customers of some of the biggest financial services brands in the world; with innovative banks and credit card firms providing access on a subscription basis, delivering a differentiated loyalty mechanic. Through our technology platform, we create reciprocal value: our travel partners win, our financial services clients win, and our users win.”
Through its AI capabilities, Upgrade Pack’s technology integrates with banks’ existing systems to give customers live discounts and, for banking clients, Upgrade Pack’s platform does not require complex integration with their legacy technology.
To recap, since launching in 2018, Upgrade Pack has raised £1m raised in its pre-seed funding round and gave all employees equity within six months.
“We chose Seedrs alongside our existing conversations and investment routes because they have built a fantastic community and made equity investment more accessible,” commented CEO Craig Unsworth. “Our Beta offering means that these investors will also be our customers, providing an important additional connection beyond the investor/investee relationship.”
Why upload or invest in Upgrade Pack? The startup noted three potential opportunities on its Seedrs’ campaign:
Users want upgrades, and are happy to pay for them. But we’re confident they also want to secure them easily and at a discount.- Airlines and hotels have unsold inventory and will happily sell it, but often can’t risk damaging or cheapening the brand by publicly discounting.
- Banks, credit card companies, and corporates offer travel related benefits but they lack exclusivity and impact because every one offers the same benefits (airport lounge access, concierge, travel insurance, etc) to their high value customers and employees.
Upgrade Pack’s revenue model is based on charging its clients (the banks, credit card companies, and corporates to whom it provides customer loyalty and employee benefits services) rather than its partners (with which the airlines and hotels the startup have integrated). Upgrade Pack utilized a subscription based model, charging per user per year on long term (minimum one year) contracts.
For more updates and financial information about Upgrade Pack’s Seedrs campaign, please click here.
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