Longevity Card, a UK-based FinTech, has launched a crowdfunding campaign on one of the UK’s biggest crowdfunding platforms, Seedrs.
Initially targeting a goal of raising £415,000, offering investors a convertible round, the company has already kickstarted their campaign more than 60% funded.
2020 saw a record number of investments on the Seedrs platform, with £293m raised for new and upcoming ventures, generating more than £1bn in investment on the platform since it launched. Current campaigns live on Seedrs are from companies looking beyond the pandemic and to future solutions for society, such as those provided by Longevity Card.
Sergey Balasanyan, CEO & Co-Founder of Longevity Card, explained that the decision to crowdfund was driven by a vision to build a strong community around the campaign:
“We wanted to open up investment opportunities to our community first, so they would have priority access to invest along with VC funds that directly approach us, giving everyone a fair and equal chance to become a part of the Longevity Card journey.”
Longevity Card is bringing a unique product to the market and aiming to make the mobile banking experience easier and safer for people by developing new financial products specifically designed for customers who are planning to live extra-long, healthy lives and want to remain high functioning and financially stable throughout.
“Health is the New Wealth. It is quite clear that this global crisis will have long-lasting effects. People and financial institutions now have a newfound understanding of their priorities, and the concept of health and longevity will receive greater attention and will be rightly considered as a tangible and precious asset of equal standing to financial health. By combining these two components, Longevity Card allows our customers to take care of their health and their wealth, at the same time, in one app.” - Balasanyan says.
As with most businesses that start out in a niche market with a specific product, Longevity Card has its very own target audience; those who strive to live longer, healthier lives and who will be incentivised by receiving rewards for leading a healthier lifestyle.
In addition to providing multi-currency current accounts and a debit Mastercard, Longevity Card's customers will benefit from discounts for a variety of health, fitness, wellness, life & health insurance products and services, represented by its fast growing portfolio of partners in the integrated Longevity Marketplace, of which there are more than 60 companies. These include renowned brands such as Transferwise, Babylon Health, F45, Headspace, Urban, FiiT and others.
The neo-bank will also motivate its customers to lead a healthier lifestyle via the app’s AI-powered mHealth integration, which will track fitness activity via wearables (e.g. steps, running distance, calories) and reward them with additional Longevity Points which will be converted into exclusive offers in the marketplace as well as cashback. Longevity Points can also be earnt by regularly using the current accounts - payments, cash withdrawals, international transfers, currency exchange etc.
Longevity Card was founded with financial backing from Deep Knowledge Ventures. With the success of the current crowdfunding campaign, Longevity Card will use the raised funds to expand their team, increase their user base post-launch and market their solution to satisfy the rising demand from health and financial wellbeing-focused audiences. Currently the first Mastercard debit cards are live and the app is due for public launch in the first quarter of 2021.
In the future, Longevity Card aims to obtain its own banking licence in order to become a fully authorised financial institution in order to provide its customers with additional financial products such as loans and deposits.