VitraCash, a UK-based digital credit card app, has successfully raised nearly £230,000 through its equity crowdfunding campaign on Crowdcube. The funding round, which recently made its debut on the Crowdcube platform, originally sought to raise £50,000 and has already attracted more than 680 Crowdcube investors.
VitraCash states it is the freedom to use all benefits users are promised by all banks they signed up for by carrying only one card.
“VitraCard aims to offer an app alongside physical and digital debit cards to combine all cards a customer owns. For every transaction our AI-driven algorithm will be designed to automatically select the best card so the user doesn’t have to.”
VitraCash further revealed that its business model is based on interchange fees and premium subscription plans. The company gets up to 1.5% of the total transaction volume in interchange fees and plan to offer premium plans with additional benefits for monthly subscription fees. In regards to what the Crowdcube funds will be used for, the VitraCash team added:
“We’re fundraising to cover the estimated costs for our card processing and development to launch VitraCard in July 2021. Join us on our journey to build a genuinely smart card.”
VitraCash is now offering 11.32% in equity with a £1.8 million pre-money valuation through the investment round, which is set to close mid-May.
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