UK-based money app Ziglu this week its £1 million crowdfund oversubscribed in 81 minutes, beating its previous record of three hours. The campaign was launched on Seedrs, an equity crowdfunding platform. Ziglu is raising equity capital at a pre-money valuation of £85 million.
Ziglu’s previous crowdfund on the Seedrs platform in September 2020 also had a target of £1 million but raised more than £6 million, and was oversubscribed within three hours. With more than 1,200 individual investors it ranked as Seedrs’ largest equity raise in 2020.
The second round, launched Sept. 27 in conjunction with a major Series A fundraise with venture capital firms, will help drive the continued rapid expansion of the fintech, which offers account and card services and access to leading cryptocurrencies.
Ziglu, which was created by Mark Hipperson, a founder of Starling Bank, has seen strong growth this year with its customer base quadrupling over the course of 2021, the company said in a statement
Research for Ziglu shows nine per cent of adults in the UK currently own cryptocurrencies, with this forecast to double within 12 months. This maturity is reinforced by investors’ response to the recent price changes in crypto assets, with the study finding 48 per cent of crypto investors either held on to their investments or bought more.
“The speed at which our latest crowdfund has been oversubscribed underlines the progress Ziglu has made in the last year and the fact that, as a leading regulated crypto and neo-banking fintech, we are leveraging our advantage in the increasingly mainstream crypto environment,” Hipperson said. “We would also like individual investors to benefit from our success, as well as institutional investors, which is why crowdfunding is important to us.”
Ziglu offers customers access to Bitcoin, Bitcoin Cash, Cardano, Chainlink, Dogecoin, Ether, Litecoin, Polkadot, Solano and Tezos. It said it is regulated by the Financial Conduct Authority, is fully authorized as an electronic money institution, and is also one of the world’s first cryptocurrency platforms to comply with the Anti Money Laundering and Counter-Terrorist Financing standards set by the Financial Action Task Force (FATF), implemented in over 200 jurisdictions.
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