Echofin, a communication platform for financial teams, has successfully secured its initial £300,000 funding target through its equity crowdfunding campaign on Seedrs. The initiative launched last month and has attracted nearly 140 Seedrs investors.
As previously reported, Echofin was founded in 2018 and calls itself the “Slack for Traders and Investors.” The company further explained:
“What most communication platforms and tools fail to deliver, is the ability to offer users with pay-to-access chatrooms and services without requiring effort from the team owners, such as integrating third-party services, and payment processors. This is where we shine. By providing a build-in billing and subscription mechanism, we streamline this problematic subscription process and keep a % revenue split on transaction. Users on Echofin can purchase directly from within the platform or from checkout links embeded into team creators websites.”
Two main revenue streams are available in Echofin:
- SaaS based revenues. Team owners can purchase team management plans and addons.
- Transaction based revenues. Pay-to-access content in Echofin are premium chatrooms, financial widgets, webinars, courses.
The integrated billing solution offers superb monetization options for those skilled and knowledgeable enough to set up trading schools, academies, and communities. Funds from the Seedrs round will be used to continue the growth and development of the Echofin platform.
Echofin is currently offering 3.36% in funding with an £8.6 million pre-money valuation. The company is set to close at the end of September.
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