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Ugandan Fintech Startup Eversend Raises $706k Through Crowdfunding

At a time when investors are conserving their cash, Ugandan digital-only finance platform, Eversend, which is providing cross-border money transfers among other services, is defying the odds to secure EUR634,000 (US$706,000) in investment through a Seedrs crowdfunding campaign.

“It’s a great way to create a community of user investors. There’s nothing better than customers owning a part of the business,” founder and chief executive officer (CEO) Stone Atwine said the Seedrs campaign was part of a fundraising round that would also include institutional investors.

Next Article: Nigerian startup Jamborow raises $400k for blockchain-based fintech platform

Here Is What You Need To Know

  • Even though Eversend launched its Seedrs campaign targeting a raise of EUR550,000 (US$613,000) in return for 7.67 per cent equity, it has already raised 115 per cent of that total with a few weeks of the campaign still to run, with over 490 individual investors and counting participating in this campaign. 
  • The startup has already secured EUR634,000 (US$706,000) in return for 8.74 per cent equity, valuing the business at EUR6,616,739 (US$7,373,065).
  • Eversend will use the funds for product development, user acquisition and regulatory compliance, while also planning to expand its offering to Nigeria, French-speaking Africa and Europe. 
  • Some of the funds will remain in the company’s accounts as working capital to reinforce Eversend’s compensation reserves.

A Look At The Crowdfunding Platform Seedrs

With headquarters in London, United Kingdom and Lisbon, Portugal, Seedrs has over 10 years experience in crowdfunding. The platform has facilitated over 1,000 funding rounds and over 15,000 secondary transactions, according Jeff Lynn Executive Chairman and Co-Founder of Seedrs.

Related Articles : AFRICAN NEOBANK, EVERSEND EXCEEDS TARGET OF €550,000 IN SEEDRS CROWDFUNDING CAMPAIGN

A Glimpse Of What Eversend Does

  • Founded in 2017, Eversend also provides multi-currency wallets and currency exchange services, and plans to offer personal loans, savings, group savings, payments to merchants and investments in the future. Available on Android and iOS, the startup has more than 40,000 registered users and is growing by around 30% on a monthly basis.

“For Africans and Africans in the diaspora that experience inconvenient and expensive financial services, Eversend is a hub for financial services allowing them to save, exchange, and send money at the best possible rates, both online and offline,” the startup noted in a statement.

  • The startup acquired a money lending license in Uganda and has participated in programs such as the Google Launchpad Africa accelerator, CATAPULT: Inclusion Africa, the Westerwelle Young Founders Program and the Ecobank Fintech Challenge. In November 2019, in competition with 1,700 companies, he was named winner of the Helsinki-based startup competition Slush.

Source: https://afrikanheroes.com/2020/06/03/ugandan-fintech-startup-eversend-raises-706k-through-crowdfunding/

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