Disruptive venture capitalist Custos has signed a collaborative partnership deal with London fintech BABB.
The partnership will support Babb in scaling and raising capital, as well as offering marketing and communication expertise as it gears up to the public launch of its mobile app, and is subject to performance-related developments at this exciting phase in BABB's story.
Custos has also committed to invest a $1m capital injection into the business with the aim of accelerating short-term growth and traction.
BABB aims to be the world bank for the microeconomy. It’s building a decentralised platform using blockchain and biometrics technology, to provide mobile banking services to empower the global micro economy and tackle one of the world’s biggest challenges: how to effectively connect unbanked people to the economy.
BABB’s innovative offering includes international transfers, foreign currency exchange, fundraising tools and virtual payment cards. BABB seeks to make banking fair, inclusive and globally connected. It is soon to welcome its first customers and currently has a waiting list of over 100,000 prospective customers.
Commenting on the new partnership, BABB founder and CEO Rushd Averroes said: “We are very excited to be working with such a future-facing VC with ambitions matching our own. They have the specialist resource and experience to support our growth as we prepare to launch. It’s a very exciting time for the company. This support and funding will help us to realise our vision - banking the unbanked around the world.”
Custos Group CEO, Christen Ager-Hanssen comments: “We are in the business of supporting companies which are disrupting existing business models. BABB and its innovative use of blockchain are poised to disrupt the traditional banking industry. This partnership is about helping a product we believe in get to market through capital raising and scaling, as well as spreading the word about what BABB is doing to get them the attention they deserve in the marketplace via our media ecosystem that gives us access to 570 million eyeballs around the world.”