EverUp, a UK-based prize-linked savings mobile app, is set to close its equity crowdfunding campaign on Crowdcube with more than £360,000 secured. The funding round launched last month, originally seeking £150,000 and has already attracted nearly 545 Crowdcube investors.
As previously reported, EverUp’s mission is to turn saving money and generally good financial habits from a delayed gratification into a instant gratification by embedding instant games, lotteries, and gamification into a novel prize-linked suite of money and saving accounts.
“We envision building over time a full-scale financial hub where our customers can accomplish all types of financial transactions. We will reward them for solidifying good financial behaviours through a prize-linked suite of products.”
EverUp further revealed it has been accepted by the FCA Innovation Hub and has secured FCA approval to act as a registered agent of an EMI. The company noted in January 2021 it is launching its iOS and Android mobile apps in beta.
“A prize-linked saving scheme is the one which underpins the popular ‘Premium Bonds’ offered in the UK by the NS&I. More than 20 million people in the UK hold Premium Bonds, saving roughly £88 billion with them. We’re bringing this prize-linked saving scheme into the 21st century, in a digitally-native format. EverUp helps you build good habits by making you excited to put your money away.”
EverUp went on to add that it is planning to use Crowdcube funds for its initial operations and gain market traction. It is now offering 6.45% in equity at a £4 million pre-money valuation. The funding round is set to close later this week.
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