The company planned to raise $613,000 in exchange for 7.67% equity but exceeded expectations in its latest crowdfunding campaign hosted on the Seedrs platform.
Eversend, commonly referred to as Africa’s Neobank becomes the latest African startup to raise $1.015 million in investor funds. The amount was realised in a crowdfunding campaign that had a large number of contributors. The Ugandan fintech offers financial services to its clients including funds transfers without the limitations of international boundaries. They offer a one-app-does-all solution for all the financial services needs of their customers.
Eversend was set up in 2017, offering its services as a digital wallet for trading digital and regular currencies. There are plans to dabble into merchant payments, loan offers and group savings for clients, and a host of other financial interests planned for the future. Eversend has over 40,000 subscribers on its app, which is available on Appstore and Playstore for iOS and Android devices respectively. Eversend kicked off as a response to the difficulty in transferring funds across borders and has since taken centre-stage as a viable alternative when you need to send money without stress or any hidden charges.
Eversend, which is licensed to offer loan funding services to clients in Uganda, reports a growth rate of 30% monthly. In the past, the company has been a part of incubation programmes with CATAPULT: Inclusion Africa, Ecobank Fintech Challenge, Westerwelle Young Founders Programme, and Google Launchpad Africa accelerator.
In a startup competition held by Slush in Helsinki, Finland in 2019, Eversend beat about 1700 other startups to the prize and even earned a feature in Forbes Magazine. Eversend’s initial plan was to offer 7.67% of its stock in exchange for Six Hundred and thirteen thousand US dollars but exceeded expectations as investors got in on the opportunity which has good signals about their reputation and investor confidence. Their latest success is part of their strategy to raise funds for compliance, user acquisition, and product development. The company will retain some of the funds as working capital.
The Eversend platform scores are high for financial inclusion with her users able to send money across different currencies on the continent. There are plans to extend their services into West Africa (Anglophone and Francophone countries) and Europe.