Plans by Ugandan fintech startup bank Eversend to expand operations especially with its cross-border money transfers and fully digitalise its products in line with its virtual, digital-only platform has attracted the right attention as it was able to raise over $1million through crowdfunding. Eversend, a digital-only finance platform providing cross-border money transfers among other services was able to close an oversubscribed Seedrs crowdfunding campaign having secured EUR897,000 (US$1.015 million) in investment.
Established in 2017, Eversend also provides multi-currency wallets and currency exchange, and plans to offer personal loans, savings, group savings, merchant payments and investments in the future. Available on Android and iOS, the startup has over 40,000 registered users and is growing at around 30 per cent month-on-month.
The startup has acquired a money lending license in Uganda, and taken part in programmes such as the Google Launchpad Africa accelerator, CATAPULT: Inclusion Africa, the Westerwelle Young Founders Programme, and the Ecobank Fintech Challenge. In November 2019, competing against 1,700 companies, it was named winner of the Helsinki-based Slush startup competition. Eversend launched its Seedrs campaign targeting a raise of EUR550,000 (US$613,000) in return for 7.67 per cent equity, but ended up raising substantially more. In the end, the startup raised EUR897,000 (US$1.015 million), valuing the business at EUR6,616,739 (US$7,373,065).
The crowdfunding forms part of a wider funding round being raised by Eversend, which is in the process of being completed. The startup will use the funds for product development, user acquisition, and regulatory compliance, while it also intends to expand its offering to Nigeria, Francophone Africa, and Europe. Some of the funds will remain in company accounts as working capital to beef up Eversend’s netting off reserves.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry