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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.

African Neobank, Eversend exceeds target of €550,000 in Seedrs crowdfunding campaign.

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.

African Neobank, Eversend exceeds target of €550,000 in Seedrs crowdfunding campaign.

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.


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