MPower, a Zurich-based fintech startup, is set to close its equity crowdfunding campaign on Crowdcube with more than £350,000 in funding secured. The funding round, which originally sought to raise £300,000, has attracted nearly 320 Crowdcube investors.
As previously reported, MPower describes itself as an impact and fintech start-up addressing the pressing challenge of financial inclusion and energy access in emerging markets. The company claims it has built a scalable B2B business model and partners with local entrepreneurs to finance and distribute affordable solar power to a market of 1.3 billion potential households and SMEs.
“MPower’s solution not only enables off-grid and underelectrified communities to power their homes and businesses independently from the electricity grid or expensive fossil fuel-based products, but also improves their financial inclusion and overall socioeconomical status.”
MPower then explained its software has several core functions, which is to digitize its partners’ operations and track products enabling data-driven decisions, to collect end-user data for financing and cross-selling opportunities, and to allow us to develop credit profiles and rating schemes of its end-users allowing us to mitigate default risks.
“We are targeting households, SMEs and rural populations with the aim to generate quantifiable social and environmental impact in a financially sustainable manner! Our revenues are driven by hardware sales and will be complemented by financing and SaaS.”
Funds from the Crowdcube will be used to expand MPower new markets. The company is now offering 5.84% in equity at a £5,022,938 pre-money valuation. The campaign is set to close later this week.
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