Crypto Startup Wirex Raises £3.7 Million via Crowdfunding

Fiat and crypto Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term platform, Wire announced on Wednesday the closure of its Crowdfunding Crowdfunding Crowdfunding is defined as funding of a project via raising smaller denominations of money across a large body of number of people.New businesses that need access to more capital may also conduct crowdfunding. Generally, crowdfunding is performed through an online community, social media, or crowdfunding websites such as Kickstarter, GoFundMe, and RocketHub. Depending upon which jurisdiction an investor resides within will dictate the sort of restrictions that are applied to the crowdfunding pro Crowdfunding is defined as funding of a project via raising smaller denominations of money across a large body of number of people.New businesses that need access to more capital may also conduct crowdfunding. Generally, crowdfunding is performed through an online community, social media, or crowdfunding websites such as Kickstarter, GoFundMe, and RocketHub. Depending upon which jurisdiction an investor resides within will dictate the sort of restrictions that are applied to the crowdfunding pro Read this Term round, raising over £3.7 million (around $4.82 million).

The company detailed that it raised its predicted target of £1 million (~$1.3 million) in merely 90 minutes and ended up raising 370 percent more funds from nearly 7,000 investors.

“Since opening pre-registration for the private sale, we've had an overwhelming response from users around the world wanting to invest in Wirex,” Wirex CEO and co-founder, Pavel Matveev said in a statement. “Our performance so far has proven to investors that we are making incredible advances in the fintech and crypto spaces, and this growth will only continue.”

Expansion Plans Ahead

Based in London, the startup offers a debit card to its clients in Europe linked to their cryptocurrency accounts. It also rewards its card users with up to 1.5 percent of spends in Bitcoins. It has over 3.1 million customers.

The platform is trying to expand further and recently added five local currencies of the East European countries. It now has plans of entering the United States and Japanese markets.

Wirex is backed by SBI Group from which it raised $3 million in a Series A round, as seen on Crunchbase. Moreover, the company raised over $186,600 in another crowed funding round closed in 2015.

“It's great that our customers have had the opportunity to own a part of Wirex, and we can't wait to share our upcoming successes with them. Our mission is to democratize access to cryptocurrency, and this successful crowdfunding campaign is one step further in achieving this goal,” Matveev added.