- Crowdfunding is still open to US investors via the Republic platform
- Almost 1,200 investors join Glint’s payments revolution as consumer appetite for alternatives to fiat currencies grows
- Follows recent 32% growth in client numbers during 2021
Glint, the global gold-based payments system that allows clients to instantly and securely save, spend and share real gold, has successfully raised over £3m ($4m) through its joint US/UK crowdfunding round – smashing its initial target by 51%.
The campaign aimed to raise £2m, but funding closed having raised 151% of this target with 1,190 investors. Crowdfunding investors have secured 7.81% equity with Glint valued at £35.9m.
Glint’s crowdfunding round was the first joint fundraising campaign across the Seedrs and Republic platforms in the UK and US. Whilst fundraising through Seedrs (open to investors in the UK and rest of the world) has closed, accredited US investors can still invest via Republic in the US.
Glint explains that the successful crowdfunding demonstrates consumer appetite for alternatives to fiat currencies. Currently, the value of fiat currencies erodes over time due to factors including rising inflation, lower interest rates, continued quantitative easing and record levels of government borrowing and debt. This desire for alternatives to fiat currencies has driven the rising popularity of cryptocurrencies as well as gold as money.
The amount raised through this crowdfunding round will enable further key strategic hires, growth marketing, product innovation and the development of new revenue streams such as the potential to facilitate gold purchases with Bitcoin, the enabling of corporate accounts, adding more currencies and products, like savings accounts.
Glint has enjoyed rapid growth over the last six months, with a 32% increase in new clients looking to spend and save gold – hitting 82,900 clients in June, up from 62,900 at the start of the year.
Jason Cozens, Founder & CEO of Glint, says: “The response from private investors has been overwhelming and reiterated the necessity of our mission to digitise gold and to provide an alternative to fiat currencies. Securing this additional funding is a huge milestone allowing Glint to take the next steps in our development and growth to once again position gold as the global currency.”
“Our investors believe that gold occupies a unique position as the most viable alternative to government issued currencies. Currently, the monetary system punishes consumers and savers as the value of paper money erodes over time due to factors including low interest rates, the continuation of quantitative easing and the huge levels of government debt and borrowing – which has soared in response to the Covid-19 pandemic. Soaring global inflation is arguably the biggest crisis facing our cash and savings.”
“In the US, inflation is currently at 5%, its highest level since the financial crisis; whilst in the UK, the Bank of England’s 2% target for 2021 has already been surpassed and there are warnings that inflation will exceed 3% by the end of the year. There’s also huge global concern around the 9% spike in production prices in China as it may be a matter of time before these costs are passed on to the consumer. In this period of high inflation, a hedge is vital; for many, gold remains the ultimate long-term store of value and has proven itself over millennia. After all, this is the main reason it is held by central banks. Whilst gold can decline in value, many believe its purchasing power is less prone to erode over time.”
“Through Glint it is now possible to use gold in electronic payments; gold is no longer simply a store of value, it is also a viable means of everyday exchange. Glint launched to democratise gold and once again enable it to be used as money, affording everyone an equal opportunity to prosper. This crowdfunding round has expanded our community of advocates, who all desire a return to sound money that is independent of the banking system. Through Glint’s technology allowing gold to be traded via our app and our card that enables gold and other currencies to be spent anywhere in the world that accepts Mastercard, we’re unlocking access to gold as a trusted global currency that can be used on an everyday basis for the first time in centuries.”
Those who invested in this crowdfunding round will join existing shareholders include institutional investors such as Sprott Asset Management, The Tokyo Commodity Exchange (TOCOM), NEC Capital Solutions, Bray Capital and accredited High Net Worth individuals. In total, Glint has raised over £20m since launch.
Glint Pay Services Ltd. (glintpay.com) is a fintech company, based in London, Boulder (US) and Tokyo, that uses gold as an alternative global currency to enable its clients instantly to buy, sell, save, spend and now, share their physical gold and other currencies, through the Glint Mastercard® and Glint App.
Glint offers no credit facilities, it allows users to transfer, receive and save real gold, which is secured in Brink’s vaults in Switzerland.
The new Glint P2P offer, Glint it!, allows customers to instantly send or receive money, including real, spendable gold and other currencies between Glint account holders. This facility is available as part of the Glint app which can be downloaded to smartphones from Apple’s App Store and Google Play.
Glint is authorised and regulated by the UK’s Financial Conduct Authority which has given permission for Glint to issue electronic money (e-money) and provide payment services (FRN 900657).
Gold is not regulated by the FCA. However, Glint’s clients know their gold is secured in a Brinks Vault in Switzerland. Brinks is insured by Lloyds of London and their policy covers the replacement value of Glint client’s Gold as held in their vault.
The Glint card is issued in the UK by Glint Pay Services Ltd pursuant to licence by Mastercard International Inc.
Glint is a U.S.-based authorized Card Program Manager. Funds are held at Sutton Bank, Member of the Federal Deposit Insurance Corporation (FDIC), in an FDIC-insured account.
Glint Pay Inc. employs effective Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and fraud prevention systems and controls to mitigate and combat risks.
Whilst we strongly believe that gold is the fairest and most reliable currency on the planet, we obviously need to point out that it isn’t 100% risk free. Whilst we have seen a steady increase over time, the value of gold can fall, which means the purchasing power of the customer can also fall.