Relai, a Bitcoin trading app, says it has quickly surpassed its offering goal on Crowdcube in just a few hours. According to the company, Relai reached its fundraising target on Crowdcube within the first few hours. Pepe Borrell, VP of international at Crowdcube, said that Relai joins a wave of Fintechs interested in i turning customers into shareholders.
Currently, the offering stands at €1,792,880, backed by 337 investors. The initial target was set at €1.5 million. Relai noted that €1.2 million of the amount was from Relai’s lead VC investor, Redalpine. Relai previously raised CFH 2.5 million in 2021.
The Switzerland-based firm says this is the first time that Crowdcube has hosted a compliant Bitcoin startup.
Relai was founded in Switzerland by Julian Liniger and Adem Bilican after they struggled to find a safe platform for buying Bitcoin. The Bitcoin-only app is designed to be simple, enabling anyone in Europe to buy and sell Bitcoin within minutes. Relai is said to be independently audited and with over CHF 35 million invested through its platform to date.
Liniger, CEO of the company, said they are excited to work with Crowdcube to unlock their next phase of growth:
“Our journey to date, paired with our exciting roadmap for the future, means there’s never been a better time to invest in Relai,” stated Liniger in a release. “The private phase of the Crowdcube raise has seen our lead VC investor, Redalpine, doubling down on their seed investment with us, whilst we’ve also had support from other leading European and US investors. We can’t wait to open our doors to the Crowdcube community and welcome thousands of Relai users and fans as shareholders on our journey.”
Dr. Harald Nieder, General Partner at Redalpine, said they did not hesitate to participate in the round as they have seen great performance in recent months.
Relai reports that it currently has users in 40 different countries and it will use the additional funding to further scale while adding new features to the platform like a VISA debit card.
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