Mobile payment startup KogoPAY has completed its crowdfunding campaign, pulling in £205,400.
The fundraise was completed via the Crowdcube platform and was raised at a pre-money valuation of £10m.
KogoPAY was able to attract 241 investors to the sale, distributing a total of 2.01% of its equity to the new shareholders. An initial target for the crowdfund had been set at £200,000.
Putting the funding behind it, KogoPAY is planning to begin its rollout across Europe and Asia later in the year and will put efforts towards improving its AI technology.
The FinTech startup offers a mobile app which enables users to send and receive money locally and globally in various currencies through wallet-to-wallet and QR payments. Through the app, a user can hold multiple currencies, exchange them when needed, withdraw funds to a bank account or Mastercard, and pay for products with a QR.
Payments and Remittances is one of the biggest aspects of FinTech. Since 2014, nearly $75bn has been injected into companies building these types of services. Funding levels reached $25bn in 2018, which was largely down to the colossal $14bn raised by Ant Financial.
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