UK Fintech VitraCash Secures £242,984 from 335 Investors via Crowdcube

With mobile wallet transactions expected to surge to $708 billion in Europe by 2025, we may  need to simplify the payments process, according to VitraCash.

The Fintech firm has launched a smart debit card & app that “selects the best card for every transaction.” With 15k on the waitlist they are “now raising to launch publicly, grow their team & build more features.”

VitraCash has so far raised 80% (£242,984) of their £300,000 target (at the time of writing) from 335 investors with 17 days left in the company’s crowdfunding campaign, carried out via Crowdcube.

VitraCash is offering Equity (2.34%), reports a pre-money valuation of £12,500,000, and a £0.52 Share price.

The firm also noted that they have a patent-pending AI algorithm designed “to make payments simpler.” They claim to have 15k+ users on their waitlist. They also reportedly have a partnership with Mastercard, “granting access to +80 million retailers globally.”

VirtraCash further revealed that they have 13 team members “building features like cryptocurrency & open banking.”

VitraCash also mentioned that it “brings back convenience to everyday payments while helping you save money on every transaction without even thinking about it.”

The update also noted that banks “have all kinds of benefits and hidden fees.”

Meanwhile, VitraCard “helps its customers not get overwhelmed and does all the heavy lifting in everyday payment.” The company claims to offer a single app “for all things money.”

VitraCard “chooses your best card for every transaction.” Without you “having to worry about fees and missed benefits.”

As noted in the update, Fintech has “exploded in the last few years.” With such a broad range of cards, VitraCash believes it has “become almost impossible to keep track of all benefits & hidden fees, making it confusing & overwhelming to get the best deal.”

VitraCard combines “all of a customer’s banking & payment accounts in one app & card.” It prioritizes “the best card for each purchase based on factors like rewards, transaction fees and FX rates.” The app gives users “an overview over all their accounts & lets users control how their VitraCard works.”

The Fintech firm’s business model “is based on interchange fees & premium plans.” They get up to 1.5% of the total transaction volume & plan “to offer premium plans with additional benefits in future.”

Together with their partners Marqeta & Checkout, they launched a private beta “to testers from our Crowdcube investor base.” In the first 4 weeks, they processed “more than £200k from 100 users.” They reportedly “have a 15k+ waitlist.”

They further claim to have “experienced a great reception from the start-up & fintech communities.”

On March 29th they “were speakers at Moneylive Summit alongside companies like Revolut, Google and Meta.”

They are eager to open their product “to the public & engage in more partnerships to integrate Open Banking, Apple & Google Pay, Cryptocurrencies & Wearables.”

They are now fundraising “to further grow our team, increase our marketing budget, & work to acquire licences with a plan to make us more independent.”

VITRACASH has reportedly been “given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.”

Tax relief “is available to individuals only, with income tax relief currently set at 30% of the cost of the shares for the tax year in which the investment was made.”

The tax reliefs can also “reduce your Capital Gains Tax bill.”

Availability of tax relief “depends on your individual and the company’s ongoing circumstances and applicable law,” the update clarified.


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