British online bank founded in June 2020 that is looking to benefit from a growing proliferation of online banking and person-to-person (P2P) payments. As a rising fintech disruptor, the bank has also made a priority targeting people who are often discriminated against and excluded from certain services and banking products.
The company will operate as a Digital Bank and will offer regular products to its customers directly through different channels (physical card, app, accounts…). Over the next 5 year, the company will look to grow into the top 5 largest digital banks in EMEA.
The problem
- High transactional costs and the inability to carry out certain foreign exchange payments remains a growing problem in the industry.
- Traditional banking has not adapted to the current technological change. System still offers poor user experience and slow user interface.
- Systemic bias remains a problem in the banking industry. Employees and customers from diverse backgrounds still face barriers and challenges.
- No incentives, or limited tools available, to encourage financial well-being in areas where customers come from disadvantaged backgrounds.
Their solution
Offer transparent and fair multi-currency transactions with a convenient digital app.
Continuous technology improvement life cycle and reinvest in customers experience and support
Reinvest in the business with new technologies and services.
Be the first British bank to stand and lead the way against systemic and institutional bias.
The team
Founders are qualified professionals that hold extensive experience in banking, technology and other industries, bringing over 40 years of experience collectively. The company is also backed by Optherium Labs; (BaaS) Banking as a Service , an innovative fintech company.
Market Overview
- Financial technology remains a growing industry, with the current leading British digital banks reaching a $2-5bn valuation.
- The number of people that are ‘unbanked’ has reached 1.23M people, with an accessible bank being an important factor for exclusion.
- The fintech industry is undergoing disruptive changes, with new challengers driving the technological revolution.
- World remittances market is a huge business for Banks. This company is very well position to capture a substantial chunk of this business in Sub Saharian Africa and Caribeean.
Why this Project
- Staffed with a workforce that represents society of all classes and ethnicity who can empathize with customers and bring that feeling of reassurance and inclusivity.
- Strategically power positioning ourselves with technology to appeal to the the everyday person who is simply looking for a secure digital bank with hassle free quick and safe peer money transfer.
- A Digital Bank with no barriers or discrimination that will promote financial wellbeing, growth and liberty to its employees and customers alike. Being different and leading with our corporate social responsibility by reinvesting in society.
Pre-Series A proposition
- Expansion and Growth: Marketing, Customer Service, It and Administrative related costs. The investment will be used to power the expansion and growth.
- Compliance and Licenses: The funds raised will facilitate the FCA Authorization and EMI License in the UK and Nigeria along with stronger Risk and Compliance Framework to support the above.
Location
London (UK)
Investment Method
Seeking GBP 2Million for 20% equity or 6% Convertible
