With its highly successful Crowdcube campaign set to close next week, UK-based fintech Glint is set to close the funding round with nearly £1.8 million thanks to more than 1,200 investors.
As previously reported, Glint was founded in 2015 and is now on a mission to reintroduce gold as money into the global payments system. The company released its mobile app and Mastercard to allow users to buy, store, and spend physical gold alongside national currencies. It also reportedly built a proprietary technology platform providing real-time gold payments and multi-currency wallets with scalability in mind.
“Inflation is rising, cost of living increasing and return on cash savings decreasing – so what are our choices? Gold. Gold has maintained its purchasing power for millennia whilst the value of paper money continuously erodes. Gold offers protection of purchasing power in a way that cash doesn’t. The challenge – we live in a digital world.”
On Friday, Glint announced it has formed key partnerships for its U.S. expansion. The company revealed it will be collaborating with Sutton Bank, for Mastercard issuing, and Galileo Processing for its card and ACH processing. While sharing details about the partnership, Ben Davies, COO and Co-Founder of Glint, stated:
“We are so delighted to have partnered with Sutton Bank and Galileo Processing. It’s been an invigorating experience working with leaders in the US innovative payment sector. With their expertise we aim to provide everyone in the US the chance to use a safe and independent money, that of gold; just as we are doing in the UK and Europe.”
Glint is currently raising Series A funding. Funds from the round will be used to continue the company’s growth and expansion. It is set to close on August 30th.
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