African Neobank, Eversend, has successfully exceeded its initial target of €550,000 crowdfunding target through its Seedrs crowdfunding campaign.
This comes after Eversend announced Its plans to hold a crowdfunding campaign on Europe’s largest equity platform, Seedrs.
Eversend is an African neobank with a multi-currency e-wallet that allows people to exchange, spend, and send money across borders, Insurance, virtual debit cards, and bill payments.
The company now offers 7.67% with a €6,616,739 pre-money valuation.
The company stated, “For Africans and Africans in the diaspora that experiences inconvenient and expensive financial services, Eversend is a one-stop financial services hub to exchange, save, manage and send money at the best possible rates, both online and offline.”
“We choose to focus on intra- Africa money transfers, where the remaining $21 billion is transferred, as well as money transfers from Sub Saharan Africa to the rest of the world, totaling $14.2 billion annually. For this market, there is, as far as we’re aware, no digital solution. It is still dominated by Western Union and MoneyGram. This means fees potentially exceeding 30%, a bus ride to the nearest city, and waiting in line. Eversend integrates with mobile money platforms and costs 2.5-4%.”
Eversend will use the investment from Seedrs for the following:
- Product Development: Eversend will use some of this money to beef up its product and engineering team so it can ship faster.
- User Acquisition: Eversend will need to accelerate its user acquisition efforts.
- Working Capital: Some of the funds will remain in company accounts as working capital to beef up Eversend’s netting off reserves.
- Market Expansion: Eversend intends to expand its offering to Nigeria, Francophone Africa, and Europe to make a real connection between Diaspora and Africa.
- Regulatory Compliance.
The crowdfunding campaign will close in early July.
Seedrs is Europe’s largest equity crowdfunding platform that allows investors from different backgrounds to invest in innovative startups and other growth-focused businesses. It was founded in 2012 by Jeff Lynn and Carlos Silva.
Eversend was founded by Stone Atwine in 2017.