VitraCash, a UK fintech startup that uses AI to select the best card in consumer wallets for each transaction, has closed a pre-seed crowdfunding round of £330,000.
The VitraCash app enables users to connect all of their payment methods to a VitraCard debit card, which selects the best card for every transaction, factoring in elements such as FX rates, cashback, loyalty points, discounts and insurances.
“After spending a lot of time traveling the world, our team noticed the absurd fees that were charged for foreign exchange and ATM withdrawal.” says Koray Koska, CEO of Vitracash “We also often traveled with a lot of different cards each offering amazing features such as no ATM withdrawal fees or better FX rates but trying to figure out which card would be the best for every transaction was impossible. That’s what inspired us to create VitraCash.”
The first VitraCards are set to be issued on an in invite-only basis in summer 2021, with full commercial roll out slated for Q4.
Koska says the firm is in active discussions with VC funds to lead a bigger seed round early next year. "We are confident to reach a very high number of users until our next funding round.” he says.