Ugandan fintech startup Eversend, a digital-only finance platform providing cross-border money transfers among other services, has closed an oversubscribed Seedrs crowdfunding campaign having secured US$1.015 million in investment.
Founded 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.
Dubbed Africa's first Neo bank, 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.
Macroeconomic View of Uganda
Region: East Africa
Population: 42.7 million
GDP per capita: $833
GDP per capita rank: 90th of 194 countries
Life expectancy: 63.41 years
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