Gretel, part of IntelliTeq Limited, is a Fintech startup that aims to help people uncover lost savings and investments, with around 2o million people in the UK having unclaimed funds that are estimated at £50 billion. The company reports that in just a few months, its platform has found £6 million for individuals. Gretel is currently raising growth capital in a securities offering on Crowdcube.
The securities offering on Crowdcube seeks £650,000 at a pre-money valuation of £6 million for a 9.77% equity stake. As it stands today, Gretel has raised £462,660 with the support of 137 investors. The offering is EIS-qualified, so investors will be able to take advantage of the tax benefit.
Gretel officially launched in April 2022. At that time, Gretel CEO Duncan Stevens said the company is a huge step forward in solving the pressing issue of dormant assets in financial services.
“Knowing the scale of what Gretel can achieve for people in the UK and how we can help people reconnect with their lost savings, pensions, and bank accounts at this time. We are transforming a process that can take up to three months into three minutes and I am delighted that we have a chance to make a difference in people’s lives.”
Gretel claims that the average value of a lost investment is over £2,800. At the same time, a lost pension policy can be even greater, averaging more than £23,000.
Gretel states that 87% of consumers have never tried to track down a lost or dormant account with the majority (31%) not making attempt because they do not know how.
Gretel says that it will cover the entire financial industry in the UK including bank accounts, pensions, child trust funds, premium bonds, investments, and life insurance policies.
Gretel has already partnered with multiple firms including Aviva, OneFamily, Foresters, Clearscore and more. Gretel is a free-to-use service for the public that is paid for by the product providers that are on our platform.
The securities offering is scheduled to close early next month.
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