Payment platform Wirex gears up to launch first crowdfunding campaign

By Aisling Finn on Wednesday 23 September 2020

Digital Banking

The fintech is hoping to raise £1m on crowdfunding platform Crowdcube.

Payment platform Wirex gears up to launch first crowdfunding campaign
Image source: Pavel Matveev (left)/Wirex

 

Crypto and fiat currency payments provider Wirex is readying itself for the launch of its first crowdfunding campaign. 

The UK-based fintech is hoping to raise £1m on crowdfunding platform Crowdcube, with Wirex giving its customers the chance to pre-register earlier on this week. 

Pavel Matveev, CEO and co-founder of Wirex, said: “Millions of ‘Wirexers’ have supported our growth—this funding round is deliberately aimed at giving them an opportunity to own a share of the brand as we go to the next phase of our growth and scale-up.” 

“Wirex has been making huge strides in changing the financial landscape, by making it easier for everyone to access cryptocurrency and spend it in the everyday. By offering a platform that bridges the traditional and digital economy, we are helping to encourage the mass adoption of cryptocurrency for future generations,” he added. 

Wirex is currently valued at £125m and has over 3m customers who use its multicurrency card to store and pay with both fiat and cryptocurrencies across 130 countries around the world.  

Luke Lang, co-founder of Crowdcube, said: "Over the years fintech has proven to be our most popular sector for investment so I am excited to see Wirex, who is on a mission to take cryptocurrency into the mainstream, raise with Crowdcube.” 

“It’s great that their loyal customer base and fans will have the opportunity to buy a stake in this innovative company." 

The fintech plans to use the money to help bolster its expansion plans, which include reaching 10m customers by the end of 2021. 

Wirex also recently confirmed that it has migrated its Asia-Pacific customers away from Wirecard-issued cards to those issued by the buyer of the troubled payment processor’s UK-arm, Railsbank. 

Following the decision, Railsbank will issue all new Wirex Visa cards for the region, while also migrating Wirex’s existing cards over to its technology.

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