Wirex, the leading payments platform taking the fintech and cryptocurrency industries by storm, announced their first crowdfunding. Aiming to raise £1 million, the company will give customers and fintech fans the opportunity to invest before they scale-up in the coming months.
From 21st September, individuals can pre-register to invest in the company. It is expected to be one of the largest and most successful campaigns carried out by renowned equity crowdfunding platform, Crowdcube, who have already taken many start-ups to new levels of success.
Since its inception in 2014, Wirex has become the go-to crypto-enabled payments solution for people seeking an alternative to conventional finance. Wirex’s vision is for a digital economy accessible to everyone globally – empowering people to benefit from a world where all currencies are equal. The company provides a next-gen payments solution that gives users the ability to buy, exchange, hold and spend multiple traditional and cryptocurrencies using one intuitive, centralised app and the Wirex payment card.
Wirex is at the forefront of a rapidly developing industry. Cryptocurrency adoption rates have sky-rocketed in recent years – it’s estimated that over 40 million people globally already use cryptocurrency, with a 240% increase in the number of blockchain wallet users over the past 3 years. This trend has only grown since the onset of COVID-19, demonstrating real-use cases for cryptocurrency in everyday life.
Wirex’s unique and flexible business model allowed it to adapt to this demand and flourish, breaking records in a period of considerable uncertainty for many businesses. The business experienced a 100% increase in the volume of cryptocurrency transactions on the platform in March compared to February, as well as the highest volume of transactions in a single day in the APAC region. As the company’s outstanding performance continues, they’ve decided that now is the time to offer investors a chance to be part of a company shaking up an advancing industry.
The company has already proven its incredible achievements with a series of world firsts, with many predicting a rapid sell-out as demand surges for this revolutionary product. In July 2020, Mastercard named Wirex as their first crypto-native principal member. Prior to this, Wirex was the first company to launch a contactless debit card enabling customers to spend cryptocurrency in-store, as well as the first cryptocurrency rewards scheme, Cryptoback™. In 2019, Wirex launched their first native token, WXT, as an Initial Exchange Offering, which sold out in a matter of hours.
Recognised for its outstanding accomplishments in fintech, payments and cryptocurrency sectors, Wirex won the acclaimed Innovate Finance Pitch 360 challenge for 2020. They are one of the few crypto-friendly companies that is a UK regulated e-money institution, and with cryptocurrency becoming more widely accepted amongst regulators, it is projected that the company will grow exponentially in the coming years. With a company valuation of £125 million, Wirex announced that it turned profitable in 2019 – rare for a fintech business so young. Having recently reached the milestone of 3.1 million customers across 130 countries, they predict achieving an incredible 10 million customers by the end of 2021.
Plans are already underway to launch a number of pioneering product and service updates since the announcement of a revolutionary product overhaul. Following partnerships with financial services giant Mastercard and payments solution company LHV, this includes the gradual rollout of next-generation features in the coming months, including additional currencies, free international ATM withdrawals, sky-high limits and next-to-no fees, as well as an upgraded rewards program, setting Wirex apart from its competitors. Striving for global expansion, Wirex is actively seeking licences in new territories with a highly anticipated launch in both the US and Japan in the coming months.
CEO and Co-Founder of Wirex, Pavel Matveev, explains how this decision to crowdfund comes at a crucial period in Wirex’s development. “Wirex has been making huge strides in changing the financial landscape, by making it easier for everyone to access cryptocurrency and spend it in the everyday. By offering a platform that bridges the traditional and digital economy, we are helping to encourage the mass adoption of cryptocurrency for future generations.”
Matveev goes on to explain that “We have a lot of exciting projects and announcements already underway at Wirex as we endeavour to provide a cheaper, faster and safer platform, and crowdfunding will only fast-track our ambitious plans. We’re proudly a hedgehog fintech – our journey to becoming a tech unicorn is built on managing and monetising growth sensibly. Millions of ‘Wirexers’ have supported our growth – this funding round is deliberately aimed at giving them an opportunity to own a share of the brand as we go to the next phase of our growth and scale-up.”
Luke Lang, co-founder of Crowdcube, complemented this by stating: “Over the years fintech has proven to be our most popular sector for investment so I am excited to see Wirex, who is on a mission to take cryptocurrency into the mainstream, raise with Crowdcube. It’s great that their loyal customer-base and fans will have the opportunity to buy a stake in this innovative company.”
Want to hear more about Wirex and our crowdfund? Here’s what you need to know, from the Wirex team!
Pre-registration for the exclusive private sale of the crowdfunding is now live on the Wirex website, with the private sale opening on the 28th September.
Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world’s first contactless payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.
Wirex was created in 2014 by CEOs and co-founders Pavel Mateev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone. With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains.
With over three million customers across 130 countries, the company offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralised mobile app. Quick and simple money transfer options are available, as well as the freedom to spend 150+ traditional and cryptocurrencies in more than 54 million locations around the world using the Wirex card.
Wirex continues to develop the product in line with market developments, whilst adhering to regional regulations and securing appropriate licencing where it exists. A proven industry pioneer, Wirex introduced the world’s first bitcoin reward programme, Cryptoback™, which earns cardholders up to 1.5% back in Bitcoin for every in-store transaction they make. They also launched their own native utility token, WXT, which entitles holders to rewards and incentives such as heavily-discounted fees and higher Cryptoback™ rewards.
Wirex is based in London with offices in Singapore, Kyiv, Tokyo, Toronto, Dallas, Dublin and Atlanta. With over $3bn worth of transactions processed already and rapid expansion into new territories, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.
PAYMYNT, Mobile Commerce & Financial Growth App, Raises $1.1 Million in Seed Funding
At a time when most consumers are opting to shop online, PAYMYNT Financial, a Greater Boston-based financial technology company, is gearing for a year-end launch. On Tuesday, the start-up announced a total of $1.1 Million in seed investments.
“We’re truly thankful for the votes of confidence from our investors,” Michael Rosa said, CEO, PAYMYNT Financial. “We’re rolling out some incredibly important features to our unified mobile commerce application. We’re excited about the launch.”
Once launched, users will be able to download the application at the Apple and Google App Stores. With over 2,000 retail partners, PAYMYNT shoppers will earn cashback rewards and MYNTs, a universal digital rewards currency, while shopping at major, name-brand locations.
For more information about PAYMYNT Financial, or to join the waitlist, visit our website at https://paymynt.money/learnmore.
About PAYMYNT Financial Group:
PAYMYNT Financial Group is a mobile commerce and financial growth company created with the overall mission of making the online shopping experience more rewarding, and improving the financial well-being of the underserved. We believe blockchain technology and digital currencies play integral roles in our customers’ financial future.
PAYMYNT is a next-generation mobile commerce application that integrates online shopping, digital banking, peer-to-peer payments, and financial investments into an all-in-one platform.
Funding Societies announces Key Management Changes to prepare for Post-COVID Growth
Funding Societies, Southeast Asia’s largest SME digital financing platform, has today announced new additions to its Executive team. Frank Stevenaar joins as the FinTech’s first Chief Financial Officer, while Nihit Nirmal takes on the role as Chief Product Officer, and Ishan Agrawal is promoted to Chief Technology Officer.
This comes at a juncture where the fast-growing start-up gears up for larger funding rounds and a sustained growth trajectory. Funding Societies recently raised its Series C funding round with US$40m in committed funds from existing and new investors. After expanding by 194% in 2019, the FinTech platform continues to grow cautiously in 2020 with improved financial performance. These changes in senior management helps to lay the foundation for outsized recovery once the macroeconomic situation improves post-COVID-19.
Frank Stevenaar, the company’s new Chief Financial Officer, joins the FinTech after 20 years of experience in financial services and M&A. He is responsible for overseeing Funding Societies’ finance operations, accelerating its fundraising efforts, and strengthening its shareholder engagement. Prior to his appointment, he was one of the founders who launched financial services platform, GoBear, in 2015 and expanded it from Singapore to Southeast Asia. Most recently, Frank was their Chief Financial Officer.
Nihit Nirmal joined Funding Societies as Chief Product Officer late last year and is responsible for product management, product design, and driving the company’s digital growth. He comes with 15 years of experience in technology with his last assignment at Fullerton-backed LendingKart, India’s largest digital lending platform, where he was Senior VP and Head of Product Management and Growth. His experience in digital lending has been critical for Funding Societies’ next phase of growth across new Southeast Asian markets.
Ishan Agrawal, who was Funding Societies’ VP of Engineering for two years, had earlier this year risen up to take the position of Chief Technology Officer. As the CTO, Ishan oversees engineering, QA, DevOps, information security and the firm’s IT teams, driving the business through building secure and scalable technology. Prior to this, the Stanford University and National University of Singapore graduate served as the FinTech’s Head of Data.
Kelvin Teo, Co-founder and Group CEO, said, “As Funding Societies matures from a FinTech startup to a FinTech firm, we have steadily built out and streamlined our business as talent is central to our organisation, both by thoughtful hiring and deliberate grooming. As we steer through COVID-19 with good relative success and are recovering to near pre-COVID results, we are cautiously optimistic about 2020, excited for 2021, and planning ahead with concerted leadership from Frank, Ishan, and Nihit.”
After five years of lending across Southeast Asia, Funding Societies has disbursed over S$1.6 billion in financing through more than 2.8 million loans across Singapore, Malaysia, and Indonesia. It is shortlisted for the MAS digital wholesale banking license under a consortium with AMTD, SP Group, and Xiaomi. Successful applicants will be informed in the second half of this year.
About Funding Societies
Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is licensed in Singapore, Indonesia and Malaysia, and backed by Sequoia India and Softbank Ventures Asia Corp amongst many others. It provides business financing to small and medium-sized enterprises (SMEs), which is crowdfunded by individual and institutional investors. In 5 years, it has helped finance over 2.8 million business loans with over S$1.6 billion in funding. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, Brands for Good in 2019, recognised by IDC as amongst the 5 fastest growing FinTechs in Singapore, and the Stevie® Award in 2020.
Dubai based eyewa raises US$2.5million pre-series B bridge round
UAE-based eyewear e-commerce player eyewa, has raised a pre-series B bridge round of US$2.5million from Wamda Capital, EQ2 Ventures and Nuwa Capital.
This is eyewa’s third funding round, it comes hard-on-the-heels of a mid-2019 Series A round of US$7.5million and US$1.1 million in seed round in 2018. This bridge brings the total raised capital by eyewa to US$11.1million in the space of three years, demonstrating the tech startup’s growth and scalability potential as well as investor confidence in its business model.
The company specialises in online retail of sunglasses, eyeglasses, prescription contact lenses and color contact lenses, and offers a wide choice catered towards the latest fashion trends with a highly customised user experience throughout the discovery, ordering, packaging and delivery process.
eyewa, which is now the largest online eyewear retailer in UAE and KSA, saw its business double during the lockdown as many customers switched their shopping habits away from the malls and stores towards the convenience and safety of online shopping.
eyewa co-founder and co-CEO Anass Boumediene said, “eyewa has seen exponential growth over the last year by making eyewear more accessible in our region. We offer a unique portfolio of trendy eyewear products at an affordable price and a great online shopping experience, solving a big pain point for our customers.”
eyewa will leverage the additional capital to double down on the rapid expansion e-commerce has witnessed during the pandemic and build new capabilities to further strengthen its position in the online eyewear space in the MENA region.
Mehdi Oudghiri, co-founder and co-CEO added, “These funds will allow us to accelerate our disruption of MENA’s eyewear retail sector through the implementation of innovative tech solutions, expanding our product portfolio and offering best in class customer service.”
Last year, eyewa was selected as one of the top 100 Arab startups by the World Economic Forum for its contribution to the region’s digital transformation.
“The strong resilience and consistent performance demonstrated by eyewa’s founders and team over the last few months speak to the company’s immense potential to lead over the coming years. The founders’ response to the challenges posed by the COVID-19 outbreak does not fall short of efficiency and reassures our confidence in eyewa as a unique e-commerce platform that continuously seizes market opportunities and will only continue to grow and enhance user experience across the Mena region,” said Fadi Ghandour, Executive Chairman of Wamda.
Patrick Thiriet, CEO of EQ2 Ventures, said, “Ever since it was launched by Anass and Mehdi, eyewa has been a role model for the MENA innovation ecosystem. Its talented, dedicated team keeps on finding ways to better serve consumers’ needs, raising the bar for all players in the eyewear market. We are, more than ever, proud to be part of their journey.”
“We launched Nuwa Capital with a singular goal, to back and support the region’s most remarkable founders. This investment in Eyewa is the very first step in a wider investment thesis that looks to deliver on this promise, and we are deeply excited to start realizing the vision of Nuwa Capital through our partnership with eyewa’s founders Anass and Mehdi,” said Nuwa Capital’s Managing Partner Khaled Talhouni.
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