TruRating, a platform enabling consumers to leave merchant feedback at a POS terminal, has surpassed its £1.8m crowdfunding target.
The campaign, which is being raised via the Seedrs platform, has raised just over £1.8m from contributions from 306 investors. In total, there has been 2.23 per cent of TruRating’s equity to be deployed to investors during the crowdfund.
This sale has been raised at a pre-money valuation of £79.2m.
Investors that were involved in the in the initial £1.2m of the sale will received C shares. These hold anti-dilution rights on a down round. The remaining investors shall receive B shares.
Proceeds from the crowdfund will be put towards supporting technological partnerships with more global payment providers and creating additional services for customers.
London-based TruRating integrates with in-store and online payment solutions and enables merchants to ask a feedback question of consumers at the point-of-sale. The company has teamed with payment service providers, acquiring banks and payment hardware developers to build its solution.
Through this service, businesses are able to generate customer insights to help tailor experiences to them and increase sales.
This crowdfunding campaign comes shortly after TruRating raised £7.5m in traditional funding from institutional funds, family offices and private individuals, spanning the UK, USA and Asia.
TruRating CEO and founder Georgina Nelson said, “I love the philosophy of crowdfunding – opening up direct investment opportunities to everyone, removing the barriers to investing by making it simple, easy and affordable.
“I’ve always thought there are parallels between the crowd funding platforms and what we are doing at TruRating. Disrupting and democratising an industry and making it truly accessible. What Seedrs and others are doing for investment, we are doing for customer experience. It feels like an alignment of vision and so we are thrilled to open up some of our funding round to the public, for everyone.”
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
