UK-based investment services Smarterly has successfully secured nearly £2.3 million in funding through its equity crowdfunding round in Seedrs. The funding round, which has attracted close to 500 investors so far, was launched earlier this month and quickly surpassed its initial £2 million.
As previously reported, Smarterly is on a mission to turn the UK into a nation of investors, by promoting the benefits of healthy savings habits through employers. The company further explained:
“We make investing simple, easy and accessible for the mass market – aiming to make buying a Smarterly ISA just as easy as buying a product from Amazon. Employers promote Smarterly as an employee benefit, to help their staff build healthy saving habits with the convenience of saving directly from their pay, often with a contribution boost from the employer as a more accessible complement to pensions.”
Smarterly then noted that it currently has more than 50 corporate clients (e.g. Morgan Stanley, Samsung, OVO Energy, Rolls Royce Engineering) with access to an estimated 100,000+ employees. In regards to what the Seedrs round funds will be used for, the company added:
“We’ve spent the last year building our team, investing in sales, marketing and product enhancements. We’re now 16 employees plus NEDs & Advisers. We’ve got a great team with extensive business and sector experience. We think big but act small, keeping tight control over cashflow and being agile in order to seize opportunities. We expect this funding round will cover overhead for the next 12 to 18 months allowing us to further prove the business model ahead of an intended institutional fund raise late 2020 / early 2021.”
The company is now offering 10.68% in equity at a £16,723,855 pre-money valuation. The campaign is set to close later this fall.
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