Saurus, a UK-based digital banking startup, is set to close its equity crowdfunding campaign on Crowdcube with more than £850,000 in funding secured from nearly 1770 Crowdcube investors. The campaign was launched last month, originally seeking £650,000. Saurus is currently offering 6.93% in equity at the £9 million pre-money valuation
As previously reported, Saurus is looking to aiming to launch its mobile app in the third quarter of 2020, Saurus states it is on a mission to become an ethical digital bank that will develop the “banking services that people want.”
“Our aim is to first develop a current account and contactless payments between our user’s smartphones. At some point in the future we would also like to develop a saving/earning account, Automatic A.I Loans, P2P Loans, an Investment account, Instant Transfers and Personalized Debit Cards.”
Saurus further revealed that by using the new payments wire “IBM Blockchain World Wire” it is able to transfer Money around the world in a matter of minutes instead of days.
“When you send a payment to another Continent FIAT Currency is converted to a blockchain-based stable coin that can be sent to the other end of the world in seconds. This stable coin is converted to the local Fiat currency of the receiver and he will get it in minutes in his bank account.”
Funds from the Crowdcube campaign will be used for the following:
- Finish the development of the App
- Add the features commented above
- Start the expansion process
- Hire qualified professionals to help us in this exciting journey
- Sign the appropriate contracts with our providers
The campaign is set to close on Tuesday.
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