Muniy, a UK-based neobanking startup, has successfully secured its initial £200,000 equity crowdfunding target through its Crowdcube campaign. The funding round was launched earlier this month.
As previously reported, Muniy describes itself as “banking for everyone.” The startup currently offers freemium and paid accounts with core features, which include QR Payments, instant P2P money transfers, real-time transaction notifications, and contactless cards.
“Until now, many neobanks have focused on improving the user experience for familiar banking functions. But this isn’t the only place where people use money — in fact, it’s just the start. By extending into other areas, starting with a retail experience, Muniy aims to offer better, more personalised banking, for everyone.”
Muniy further revealed that its plan is to drive adoption by offering a lower transaction cost to merchants, up to 50% less than what they currently pay, and eventually partner with brands to develop personalized reward schemes for customers. In regards to what the funds from the Crowdcube round will be used for, Muniy added:
“Our plans to run a pilot in the UK + EU, aiming to leverage a mature market to establish a foundation quickly, followed by introducing our core financial services to key markets in the Middle East.”
Muniy is now offering 6.90% in equity at a £2.7 million pre-money valuation through the funding round, which is set to close at the beginning of July.
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