Glint Pay secures additional £2.5m in funding to scale up growth after P2P launch
Glint Pay, the London-based fintech, has announced that it has secured an additional £2.5m in funding to support growth plans and increase its customer base to 138,000 active users in the next 12 months. This funding is announced after the recent launch of a peer-to-peer facility, known as Glint It!, which allows customers to instantly send or receive money, including real, spendable gold and other currencies.
Glint Pay is one the first companies to allow customers to use gold as an everyday global currency, anywhere that accepts Mastercard®. Customers can use Glint’s secure app to instantly buy, sell, save, spend and share their physical gold and other currencies.
Glint Pay says that £1.25m of this funding was secured through private investment, with the remaining £1.25m matched through the UK government’s Future Fund. The fund was launched to support innovative companies during the Covid-19 pandemic and matches funding raised through private investment.
This latest funding brings the total amount Glint Pay has secured to over £24m since launch in 2016.
Glint Pay explains that this new funding will be leveraged to support the growth of the fintech’s mobile app, by increasing active users, marketing investment and the hiring of key personnel to drive the company’s ambitious strategy of expansion.
Jason Cozens, Founder & CEO of Glint Pay, says:
“This latest funding is another significant step towards fulfilling our growth plans. We set out to transform the industry and the amount of funding we’ve secured since launch proves that there’s real appetite amongst investors and consumers for an innovative alternative to spend, save and store their finances.”
“After last year’s expansion into the US and the launch of our P2P offering, Glint It!, we’re eager to tackle the next stage of our growth and meet our ambitious targets over the next 12 months. Additional funding will help to facilitate this, but it is our diverse and exceptional leadership team that provides us with a clear, competitive edge.”
“The UK government’s Future Fund has been hugely effective for many businesses and is a welcome addition to the business finance landscape, especially in the current climate. The fund is part of the government’s desire to support the UK’s most innovative companies to flourish and to drive economic growth. This fundraising will accelerate our international expansion as well as attract additional future investment sources, from both within the UK and externally.”
Glint Pay Ltd. (glintpay.com) is a UK-based fintech company that uses gold as an alternative global currency to enable its clients instantly to buy, sell, save, spend and now, share their physical gold and other currencies, through the Glint Mastercard® and Glint App.
Glint offers no credit facilities, it allows users to transfer, receive and save real gold, which is secured in Brink’s vaults in Switzerland.
Glint has generated more than 105,700 app downloads, tens of thousands of registered users and more than GBP 100 million in transaction volumes.
The new Glint P2P offer, Glint it! allows customers to instantly send or receive money, including real, spendable gold and other currencies between Glint account holders. This facility is available as part of the Glint app which can be downloaded to smartphones from Apple’s App Store and Google Play.
Glint is based in London, Boulder (US) and Tokyo.
Glint is authorised and regulated by the Financial Conduct Authority, under the Electronic Money Regulations 2011, for the issuing of electronic money (FRN 900657).
Gold is not regulated by the FCA. However, Glint’s clients know their gold is secured in a Brinks Vault in Switzerland as independent audits verify gold holdings.
The Glint card is issued by Glint Pay Services Ltd pursuant to licence by Mastercard International Inc.
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