Nude, a home savings app, has successfully secured its initial £3.5 million equity crowdfunding target through its Seedrs campaign. The funding round was launched earlier this month and has attracted nearly 670 Seedrs investors.
Founded in 2019, Nude describes itself as a savings account and financial friend for first-time home buyers. The fintech startup further explained:
“We’re building the foundations for a new kind of bank. We’re tackling one huge problem at a time, and that starts with fixing a part of society we think is unfair – the barriers that stop young people from buying a home. The climb to buying your first home is daunting. In most cases, no-one helps you to save your deposit, it’s the Everest of life’s financial challenges.”
Nude further revealed that it is rebuilding the home-buying experience to make it easier and more enjoyable than ever before.
“From saving that first £5, to sending champagne to celebrate on move-in day, we guide you all the way. You’ll have your keys in no time.”
Nude generates revenue via:
- A share of interest from user savings
- Marketplace – we can assist our customers in other areas and earn commissions and fees
- Platform as a service – licence parts of our proprietary platform
- Expansion – our business model is scalable across socio-economic demographics and geographies
Nude previously raised £1.7 million in growth capital in 2019 and was a recipient of an innovation grant from Scottish Enterprise. Funds from the Seedrs round will be used to continue the growth and development of the Nude platform. Investors receive a convertible with a 30% valuation discount during a future priced funding round.
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