Baanx a banking app, payment platform, and cryptocurrency trading platform, is nearing its £600,000 funding goal on Seedrs.
Baanx is looking to sell a 7.1% equity stake in the firm at a pre-money valuation of £7.85 million. To date, Baanx has raised £567,825 from 276 individual investors. The company previously did a seed round.
The mobile banking app is currently available on both the Apple App store as well as Google Play.
It is important to note that Baanx partners have applied for UK & EU Bank Licenses. Baanx says it will operate as an E-money agent and be listed on the Financial Conduct Authority register. The company claims that up to 1.3 million customers are ready to use their mobile wallet and services. Baanx plans to roll out both savings and lending services for customers – so a full-stack bank of the future with crypto included. Baanx also offers a white label iteration to help scale the platform faster – the company expects this to be a significant part of their business.
According to their white-paper, Baanx plans to offer security token trading as well from “Baanx branded partner apps under partner license.”
To quote the company:
“Our goal is to ensure that everyone has access to full-service cryptocurrency banking services they need in the years to come, delivered as quickly and securely as possible, while encouraging worldwide adoption of crypto in personal and merchant services.”
Digital banking is hot in the UK so Baanx does have some competition – even with the crypto. But if you are going to launch a digital bank anywhere in the world – doing so first in the UK is probably a good bet. It will be interesting to see how this “crypto-bank” executes after it closes on this funding round.
Investors will have access to Seedrs secondary market which gives people an out if the company grows without an exit event.
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