Mass Financial, a UK-based core banking system platform, is now seeking £300,000 through its recently launched equity crowdfunding campaign on Crowdcube. The funding round has attracted nearly 200 Crowdcube investors so far, with Mass Financial offering 4.76% in equity at an £8 million pre-money valuation.
Founded in 2019, Mass Financial describes itself as a financial partner that is using block-chain technology as an agent of change, giving users personal financial services at an unprecedented level of transparency, security, compliance, and lots of fun.
“We are looking to change the way money is used, forever. We aim to do this by breaking down the boundaries of traditional banking. We have developed our own core banking system that will allow a faster, personalised approach to managing your own finances.”
Funds from the Crowdcube round will be used for the following:
- 50%: Required capital reserves to be deposited in the Central Bank of Lithuania for EMI License approval.
- 30%: Setting up of the productive environment according to ECB requirements including integrations with MasterCard, SEPA and SWIFT systems.
- 20%: Staff hiring, specifically in the AML and Compliance departments.
Since its launch, the funding round has secured more than £232,000. It is set to close at the end of July.
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