UK-based fintech startup, Upgrade Pack, has successfully secured its initial £500,000 funding target on equity crowdfunding platform Seedrs. As previously reported, Upgrade Pack, which was founded last year, is described as a closed marketplace where airlines and hotels make discounted upgrades available to an exclusive membership consumer base. The company revealed:
“Our global users are 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.”
Upgrade Pack reported that the milestone provides it with a pre-money valuation of £12,750,000. Delivered as an app, the company’s closed marketplace technology helps banks and financial services companies to retain and reward customers with membership of its platform, where they can access exclusive and unlimited offers on flight and hotel upgrades. Speaking about the funding round’s success so far, Craig Unsworth, Founder and Co-Founder and CEO of Upgrade Pack, stated:
“We have been thrilled with the response to our first crowdfunding campaign, and the anticipation around what we are creating. To reach this latest milestone on the week of our first birthday is especially rewarding. We’re now focused on our app’s imminent Beta launch to our founder members – which brings us closer towards our full launch later in the Spring.”
Funds from the Seedrs round will be used to drive global expansion in the U.S. and Asia, as well as extend Upgrade Pack’s AI capabilities. The campaign is set to close in early May.
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