Crosspay, a UK-based international money transfer service, is now seeking funds through its equity crowdfunding campaign on Crowdcube. Originally seeking a minimum of £150,000 Crosspay has already surpassed £180,000 and attracted nearly 160 Crowdcube investors.
Founded in 2015, Crosspay states that it enables individuals and corporates to make overseas payments for personal as well as business needs; using their smartphone, tablet, computer, or even by calling our dedicated team. We provide extremely competitive rates and charges, and it gives a personalized service to all of its customers. The company’s service is available to senders in 15 countries and transfers can be made to over 100 countries globally.
“Crosspay enables individuals and corporates to make overseas payments for personal as well as business needs; using their smartphone, tablet, computer or even by calling our dedicated team. We provide extremely competitive rates and charges, and we give a personalised service to all our customers.”
Crosspay further revealed that in 2017 it built its own proprietary system to power international transfers at a fraction of the cost.
“We launched our beta website and app in 2018 and have since powered over 50,000 transactions across 50 countries with a cumulative value of approx £32,350,000, and we’re rated ‘Excellent’ on Trustpilot. Every year there is more than $200bn in global remittance, yet more than 70% of the market is served by traditional over-the-counter (OTC) services. These companies pass on their higher operating costs to end-customers.”
Funds from the funding round will be used to continue the growth and development of the Crosspay platform. Crosspay is now offering 1.77% in equity at a £10 million pre-money valuation. The Crowdcube campaign is set to close at the beginning of January.
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