Zvilo, a UK-based challenger banking startup has successfully raised more than £425,000 through its equity crowdfunding campaign on Seedrs. The investment round, which orignally sought to raise £200,000, has already attracted over 260 Seedrs investors.
As previously reported, Zvilo stated it is a new digital platform that seeks to unlock capital for the Balkans across Europe. The startup notably offers a range of digital financial solutions based on cost-saving, convenience, connectivity, and accessibility.
“ Zvilo is set to become the leading digital platform in the region to offer both business and personal finance products through its dedicated app targeting its citizens both in the region and across the EEA.”
Zvilo stands out by other challenger banks by offering the following:
- Business lending (post-licensing): The company will lend to corporate retailers & their SME suppliers, providing short-term working capital facilities (Supply Chain Finance or SCF)
- Money transfer service (powered by P2P tech): To offer greater than 85% savings in transaction fees
- Lending from day one (post-licensing): Enables the bank to combine growth and profitability in the early stages of business
The company then added:
“With a population of more than 21 million and rapid growth in card and digital payments, we believe there is an opportunity for Zvilo to become the first major challenger bank in this unpenetrated region.”
Zvilo is currently offering 2.92% in equity at an £8.5 million pre-money valuation through the funding round, which is currently set to close at the beginning of June.
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