Mobile payment and loyalty app, Droplet, has raised £574,650 British Pounds (~ $900K US) for 12.56% equity offered. The investment was raised via crowd-funding site Crowd Cube, and closed May 5. Ascension Ventures is also an investor in the company.
Droplet is a mobile payments app that is free to use for both buyers and sellers and allows people to collect and manage rewards and loyalty schemes from their phones. The company was founded by Steffan Aquarone and Will Grant, and has signed up more than 16,500 users and 600 businesses. According to the company, Droplet is designed to make it safer and faster to pay for all and operates in an industry which is set to grow to £470 billion by 2017, and the app has a 5 star rating in the app store.
According to Crunchbase, the UK-based company has raised $2.4 Million in 5 Rounds from 2 investors, and iCrowd Newswire reports: “More than £500bn is processed on cards in the UK every year according to the UK Cards Association. The payment processing companies that charge for these transactions are diverse and the market is fragmented, however it is thought by the European Commission to be worth more than £110bn a year in the EU alone. This is just card fees – it doesn’t account for the costs businesses incur in handling cash payments which still made up around half of all retail transactions in 2014.”
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