Gold, as Glint Pay, a Currency Fintech company, has been expanding since the 2018 Crowd Cube campaign. Today, we announced that we have secured an additional £2.5 million to support growth to 138,000 active users over the next 12 months.
The funding news follows the launch of Glint Pay’s peer-to-peer relocation facility called “Glint It!” – This allows users to send and receive money, including money that can be spent and other currencies. The company has identified itself as one of the first to use it as the “everyday global currency,” and the app allows customers to “buy, sell, spend and share” physical gold.
Speaking about the recent fundraiser, the company said £1.25 million has been supplemented with private investments and the remaining £1.25 million has been donated by the UK government’s future fund. Grint said the fund was “started to support innovative companies during the Covid-19 pandemic,” in line with the capital raised through private investment.
Since its launch in 2016, the company’s latest investment round brings the company’s total £24 million financing. The company said recent funds will be used to support the growth of fintech apps, contributing to key staffing, marketing investments and expanding the Grint user base.
Commenting on the news and the company’s ambitions, founder and CEO Jason Cozens said: We transform the industry and the amount of funds we secured from launch proves that there are innovative alternatives to saving, saving and preserving finances among investors and consumers. ”
“After last year’s expansion into the US and launching P2P offering, Glint It! is keen to tackle the next phase of growth and achieve ambitious goals for the next 12 months. Additional funding will help drive this, but it is a diverse and exceptional leadership team that provides a clear and competitive edge.”
Cozens added that the future fund will be “very effective” for many businesses in the current climate and will support the government’s ambitions to support the UK’s most innovative companies. He finished saying: “This funding accelerates our international expansion and attracts additional future sources of investment, both within the UK and outside.”
With demand for online banking and fintech solutions reportedly rose 50% during the pandemic, it will be interesting to see if Glint will continue to take advantage of the inherently unstable market. Also, gold recovered again on Friday, but if the Covid vaccine is successful, will a safe haven like the dollar and gold lose some of their charm?
