Mass Financial, a UK-based core banking system platform, is now seeking £300,000 through its recently launched equity crowdfunding campaign on Crowdcube. The funding round has attracted nearly 200 Crowdcube investors so far, with Mass Financial offering 4.76% in equity at an £8 million pre-money valuation.
Founded in 2019, Mass Financial describes itself as a financial partner that is using block-chain technology as an agent of change, giving users personal financial services at an unprecedented level of transparency, security, compliance, and lots of fun.
“We are looking to change the way money is used, forever. We aim to do this by breaking down the boundaries of traditional banking. We have developed our own core banking system that will allow a faster, personalised approach to managing your own finances.”
Funds from the Crowdcube round will be used for the following:
- 50%: Required capital reserves to be deposited in the Central Bank of Lithuania for EMI License approval.
- 30%: Setting up of the productive environment according to ECB requirements including integrations with MasterCard, SEPA and SWIFT systems.
- 20%: Staff hiring, specifically in the AML and Compliance departments.
Since its launch, the funding round has secured more than £232,000. It is set to close at the end of July.
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Australian Neobank 86 400 to Prepare for Series B Funding Round, as it Focuses on Helping Customers Earn More from their Savings
Australian neobank 86 400 has reportedly moved to its next phase of growth only a year after being awarded a banking license. The digital bank says that it will be focusing on helping its customers with new ways to earn more money from their savings.
The management at 86 400 says it will be working on a Series B funding round. The banking challenger noted that it will continue to work cooperatively with Morgan Stanley. 86 400 claims that there has been strong early interest from various Australian and foreign institutional investors.
According to 86 400, its main achievements in the past year include:
- Successful launch of everyday banking products, and began to work on various “over the top” financial products that might not be available at other banks;
- Became the first bank to provide digital mortgages in Australia;
- Recruited 10 new staff members since COVID-19 outbreak;
- Launched five new products after pandemic and lockdowns began;
- Performed a major upgrade to core technologies during these challenging times
The digital bank claims that consumers have opened over 225,000 accounts on its platform. The 86 400 team revealed that they’ve accepted over $300 million in customer deposits and handled more than $1 billion in transactions in the past year.
Robert Bell, CEO at 86 400, stated:
“With so much economic uncertainty at the moment, it’s more important than ever Australians feel on top of their finances. Our next phase of growth is going to do just that – deliver the features they wouldn’t expect from a traditional bank, which will help customers budget better, spend wiser and save more.”
“And with great interest rates, and smart features like our upcoming bills prediction and Energy Switch, we’re confident we can help each customer save as much as $3000 over the next 12 months. Australians have long called out for a smarter approach to banking, and together that’s exactly what we are building.”
Chairman Anthony Thomson remarked:
“Building a bank is not an easy thing to do and it’s great to see the number of those who’d recommend 86 400 as a place to work has risen three-fold since license.”
There are currently 109 professionals working at 86 400. In July 2019, the bank reported that it had 85 employees, which was before it acquired a banking license.
Blockchain Infrastructure Developer Bison Trails Introduces Tool to Automatically Manage Polkadot Participation for “Large-Scale” DOT Token Holders
Blockchain infrastructure developer Bison Trails is offering a new tool, called managed controllers, in order to automatically manage Polkadot participation for “large-scale” DOT token holders who are interested in optimizing their participation.
DOTs are Polkadot’s native tokens that are used as part of transactions on the distributed ledger technology (DLT) network which aims to support blockchain interoperability.
As explained in an update shared with Crowdfund Insider:
“Actively participating in Polkadot and earning participatory rewards is more complicated than participating in other, more straightforward networks. Because of this, Bison Trails managed controller product offering will automatically optimize participation for large-scale DOT holders on Polkadot as network conditions change.”
Bison Trails claims that the development of this new tool is “a big deal” or accomplishment due to the complexity of the network.
Polkadot uses Nominated Proof of Stake (NPoS) as its consensus mechanism. The number of (transaction) validators allowed to be a part of the active set of validators (and eligible to earn rewards) is limited by the NPoS consensus protocol’s design.
The minimum number of DOTs needed for being chosen or elected to the active set is not constant. It changes daily based on how many validators are active or connected to the Polkadot network (or trying to be included on the network) and the number of tokens staked by each validator.
As mentioned in the update:
“Once a validator is in the active set, it has equal voting powers and gets equal rewards with other validators in the active set, regardless of how many DOTs it has.”
This new tool should make it easier to participate on the Polkadot network and earn more rewards. Anyone, even those with limited technical knowledge of how Polkadot actually works, are now able to participate on the DLT network.
Last week, Bison Trails revealed that it will be adding support for Eth2, a major upcoming system-wide upgrade for the Ethereum (ETH) blockchain.
Ethereum Version 2.0 (or Eth2) will involve a gradual transition from its current Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS).
As mentioned in a release shared with CI (earlier this month):
“In preparation for the launch of Eth2 later this year, Bison Trails has started offering a suite of enterprise products that [aim to] make it easier for customers to interact with the Beacon Chain, stake Ether (Ethereum’s native token), and automatically manage validators, validator clients, and beacon nodes.”
New opportunity: Jeeni – 2020-07-10
“Jeeni is an online entertainment service that harnesses the unprecedented growth of streamed music. Jeeni facilitates independent artists to build a global fanbase and market to them directly. The company is dedicated to monetising new talent and rewarding them and their audiences ethically and fairly.”
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