UK Fintech Glint Pay, which Aims to Make Gold Alternative Global Currency, Secures £2.2M+ via Seedrs

by DailyBriefers
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Glint Pay Inc., a subsidiary of the UK-based Fintech company that makes gold an alternative global currency by enabling its clients to buy, sell, save and spend their physical gold instantly through the Glint Debit Mastercard and Glint App, has secured 111% of its equity crowdfunding target (£1,999,998) via Seedrs with 14 days left (at the time of writing). A total of £2,223,641 has so far been acquired from 891 investors. Glint is also simultaneously running a securities offering on the US-based platform Republic.

Some of the main project highlights shared by Glint are as follows:

  • 49% growth 6 months, 79k registered, £158+ million transactions
  • Launched US office and full operations, including cards, in 2019
  • Principal Member of Mastercard UK + Glint it! P2P transfers
  • £26.41m pre-money valuation based on issued share capital

As covered, Glint was launched in 2015 and is on a mission to reintroduce gold as money into the global payments system.

In 2018, the Fintech firm released its mobile app and Mastercard to allow users to buy, store, and spend physical gold alongside national currencies and also built a proprietary technology platform providing real-time gold payments and multi-currency wallets with scalability in mind.

Glint raised more than £2.1 million through its Crowdcube funding round back in 2017.

Jason Cozens, CEO of Glint, stated:

“Welcome to Glint where we have taken gold, one of the most trusted and proven stores of wealth and made it liquid, enabling clients to buy, save, spend and send real gold, instantly and inexpensively, using our bespoke platform, through the Glint App and Mastercard.”

Cozens also revealed that their business is a regulated (UK FCA eMoney Issuer), multi-currency saving and payments platform, which they believe is the first in the world to allow instant, electronic transactions in digitized gold, at point of sale.

The company’s scalable tech allows clients to use their currencies (GBP, USD, EUR and GOLD), with their UK, EU and US issued Mastercards in 210 countries. Their P2P Service, Glint It!, allows clients “to send and receive gold and currency between Glint accounts in over 160 countries.”

Glint currently charges clients a 0.5% fee on the exchange of gold of FX. The company does receive an “interchange” fee (UK/EU 0.2% & US 0.9%) when its cards are used to buy something, this fee comes from the merchant, not the client. Glint also charges the client £/$/€1.50 for an ATM withdrawal.

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