Glint to raise £1.25m in crowdfunding exercise as part of Series A financing round of £15m

Source: Glint

Glint, the FinTech start-up which has introduced physical gold as money to spend as a currency via an account and mobile app based technology, is pleased to announce it’s to raise £1.25m via a crowdfunding exercise.

This part of a Series A funding to raise £15m. Since inception, the firm has raised over £7.5 million in capital from private and institutional investors.

Glint has decided to raise money via a crowdfunding exercise with Crowdcube to meet demand from clients and the public to participate in this round, as part of an overall fundraise to maximise strategic partnerships and distribution deals in the UK and US and to develop functionality.

Key UK distribution deals

• Bud, part of the FinTech 50, is a plug and play financial services platform, distributed by banks, that connects multiple financial products together in one place.
• Kellands (Hale) are an award winning chartered financial planning practice based in Hale working with Glint to further complement their range of advice opportunities for clients. Many HNW individuals hold significant cash balances as part of their financial portfolio and Glint provides an opportunity to hold that cash in gold as a store of value while at the same time giving them immediate access to spend their wealth as cash would allow them to do.

Key US deals
Glint has signed a number of distribution deals along with a strategic partnership in the US. This serves as a significant launch platform for Glint providing critical assets, market knowledge and insight along with access to an audience of over 60 million.
Key milestones reached since launch: December 2017

• Exceeded beta target of 15,000 registered customers with a Glint card

• Customers can now hold Euros and US dollars, along with gold and sterling in multi-currency wallets, all through a single Glint account, which can be spent through the global Mastercard network using the Glint card.

To mark the launch of additional currencies, Glint is to offer the first 50,000 people to load £1,000 or Euros 1,000 into the gold account (fee is 0.5%) fee free gold/FX buy and spend until the end of 2019
• Launched the Android version (alongside the iOS version)

Glint will also be launching its account and app based capability in the US in Q3.

Glint was founded by Jason Cozens and Ben Davies and is backed by investors in the UK, Europe, Japan, and Canada. Glint has been authorised and is regulated by the UK’s FCA.

Key investors include NEC Capital Solutions, through its venture fund co-operated with Venture Labo Investment, and the Tokyo Commodity Exchange (“TOCOM”). NEC Capital Solutions is the affiliated company of NEC Corporation, a leader in the integration of IT and network technologies. TOCOM is Japan’s largest, and one of Asia’s most prominent, commodity exchanges.

Jason Cozens, CEO and Founder of Glint, said:
" Glint has had a successful launch in the UK and our fundraise will help develop our core partnerships, functionality and capability as we meet customer’s needs to buy and spend in gold in the UK , and as we rollout across the world.”

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