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DNA Lab Rightangled that Provides COVID-19 Testing Launches Offering on Crowdcube, Rockets Past Funding Goal

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An NHS backed lab Rightangled has launched a crowdfunding offering on Crowdcube quickly topping its £50,000 target now standing at £354,131 backed by 655 investors. Rightangled is offering equity in the company at a pre-money valuation of £9.5 million. The offering was made available at the end of last week rocketing past is initial goal within hours.

The young company that was seed funded by NHS is a DNA testing lab that provides COVID-19 testing and, according to a release, is receiving “huge demand from corporate businesses wanting to order test kits to protect the health of their workers.”  The company claims to be “one of the UK’s leading DNA and wellness testing labs.”

The additional funding will be used for working capital to help fulfill the volume of orders, according to the company.

According to a previous report from 2019, Rightangled also offers four tests: Heart DNA, Fitness DNA, Women Wellness, and Wellness Pro. These services are also available for US consumers.

Rightangled was founded by CEO Abdullah Sabyah, a registered CQC [Care Quality Commission] healthcare professional.

Sabyah said that in looking at the data of other countries like South Korea, it is clear to see that a robust testing process is the key to helping bring life back to normal and ensuring safety at the workplace as people start returning to their normal routines:

“Ever since we launched our COVID-19 testing kits we have seen a huge demand from businesses wanting to limit the risk of the virus being transmitted in the workplace. Whilst we were initially able to fulfill this demand, it is showing no signs of slowing down as we are yet to come through the other side of the pandemic, and people are recognising that home-delivered sampling kits are the best, quickest and safest way to conduct testing with minimal contact. We have had success with crowdfunding in the past and it has been instrumental in allowing us to undergo the important work that we do. We hope that we are able to secure additional funding to cement our position in the marketplace as the leading home testing kit provider and launch finger blood testing delivered to our customer base and partner clinics.”

So is the COVID-19 testing something that is a one-time event with demand set to diminish as the pandemic cools down? Perhaps, but demand for rapid testing for COVID-19 and other diseases should continue at heightened pace once the crisis ends.

Have a crowdfunding offering you’d like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

Source: https://www.crowdfundinsider.com/2020/05/161322-dna-lab-rightangled-that-provides-covid-19-testing-launches-offering-on-crowdcube-rockets-past-funding-goal/

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Saudi Arabia Monetary Authority to Award More Fintech related Licenses, as Number of Digital Transactions Continue to Rise

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The Middle Eastern country of Saudi Arabia has become a more active player in the global economy as it focuses on diversifying its economy. The Saudi government and local businesses have been adopting the latest technologies to streamline operations. The MENA region country has also been helping its residents cope with the socio-economic challenges created due to the COVID-19 outbreak, which has negatively impacted the nation’s private sector, according to a senior official from the Saudi Financial Sector Development (FSD) program.

The FSD program was introduced around three years ago. It has reportedly managed to achieve 90% of its targets and the the Coronavirus crisis has led to increased activity in the Fintech sector with more consumers using digital platforms and services, according to Faisal Al Sharif, director general at the FSD program.

Al Sharif, whose comments came during the 15th virtual edition of the Euromoney Saudi Arabia conference, noted that the FSD’s targets for Saudi Arabian Monetary Authority (SAMA) awarding Fintech related licences was only three by the end of this year. There are eight such licenses that have been issued, Al Sharif confirmed.

As first reported by Arabian Business, the target for cashless payments was 28% by the end of 2020, however, nearly 37% of all transactions are now digital.

Al Sharif believes Fintech solutions will play a key role in improving the Saudi economy and the FSD will focus on enhancing the services offered by this sector and also Islamic finance, as the country prepares for next year. This doesn’t necessarily mean that the FSD program was not affected by the pandemic, Al Sharif said. However, he didn’t specifically mention what these challenges have been.

He noted:

“If we go back to pre-pandemic days, plenty of key performance indicators have achieved their target. However as the pandemic has laid its shadows along all the globe, we have seen certain challenges in the first quarter of 2020.”

Despite these challenges, Fintech services are increasingly being adopted by Saudi businesses and companies based in other MENA regions countries. The Saudi government has been quite supportive of Fintech (in general) with SAMA establishing a regulatory sandbox for testing the latest technologies in 2019.

Muhammed Mekki, founding partner at AstroLabs, a global business incubator that was licensed in Saudi Arabia in 2018, stated that the Kingdom’s startup sector is now moving forward and has been “propelled by this combination of a compelling, deep, local market that’s hungry for tech-enabled solutions; along with a new fuel of venture funding that’s blossomed in the last year or two.”

Fahad Aldossari, deputy governor for research and international affairs at SAMA, revealed:

“A number of government measures, including the lockdown, disrupted economic activities. This actually impacted the private sector, and especially the SMEs.”

In a recent interview with CI, Kokila Alagh, Founder of KARM Legal and a member of the MENA Fintech board, stated:

“Saudi Arabia has emerged as a front-runner in digital banking. The Kingdom has become one of the top digital banking markets in MENA, with more than three quarters of banking customers using online or mobile apps. The Saudi Arabian Monetary Authority (SAMA) recently created a regulatory sandbox and has managed to attract local and international Fintech companies to provide innovative financial services to Saudi markets.”

Source: https://www.crowdfundinsider.com/2020/09/167157-saudi-arabia-monetary-authority-to-award-more-fintech-related-licenses-as-number-of-digital-transactions-continue-to-rise/

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UK Extends Coronavirus Support Programs for Businesses

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In a statement today, the UK Chancellor of the Exchequer Rishi Sunak announced an extension of Coronavirus programs that support impacted businesses. The Chancellor announced that the Bounce Back Loan scheme will offer greater repayment flexibility for firms including an extension of the length of the loan from six years to ten.

The Coronavirus Business Interruption Loan Scheme (CBILS) also received an extension on the term  of loans from a maximum of six years to ten years.

The Chancellor also announced he would be extending applications for the government’s coronavirus loan schemes that are helping over a million businesses until the end of November.

As a result, more businesses will now be able to benefit from the CBILS, the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the Bounce Back Loan Scheme and the Future Fund.

The Future Fund is a matching program where the UK government will match investments in qualifying early stage firms in a covertible securities offering.

The Chancellor worried about the resurgence of COVID-19 and the “threat to our fragile economic recovery.”

Innovate Finance CEO Charlotte Crosswell commented on the news:

“We welcome the extension of the coronavirus business loan schemes in response to the ongoing economic uncertainty caused by Covid. Innovate Finance has been in regular conversations with government officials and regulators over the summer, on behalf of non-bank lenders to highlight the unique and important role they are playing in providing finance and emergency loans to SMEs. While the CBILS extension is a crucial step, it is only a short-term measure. We have consistently advocated for a long term solution for SME financing and are therefore encouraged by the announcement that the Chancellor will introduce a new, sustainable scheme from January onwards. We look forward to continuing our discussions with government on our proposals for the new scheme.”

Crosswell said that banks and non-banks must work together to continue lending in an uncertain environment to suppor economic recovery and UK competitiveness.

“The Fintech sector stands ready to play an important role in funding SMEs, to help them manage the uncertainty of the crisis and plan for their future growth,” stated Crosswell.

Earlier this week, it was reported that businesses across the UK have benefitted from 1,328,091 government-guaranteed loans worth £57.3 billion during the crisis through the schemes.

This includes 1,260,940 Bounce Back Loans worth £38 billion, 66,585 loans worth £15.5 billion through the Coronavirus Business Interruption Loan Scheme and 566 loans worth £3.8 billion through the Coronavirus Large Business Interruption Loan Scheme.

Regarding the Future Fund, to date, there has been £720 million worth of convertible loans approved for 711 companies since the fund opened for applications on 20 May. This amount has been matched by at least the same amount from third-party investors.

Fintechs are facilitating both the lending programs as well as the Future Fund.

Source: https://www.crowdfundinsider.com/2020/09/167191-uk-extends-coronavirus-support-programs-for-businesses/

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Cryptocurrency Exchange & Custodian Gemini Makes Debut in the UK

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Gemini Trust Company, LLC (Gemini), a cryptocurrency exchange and custodian, announced on Wednesday its launch in the UK. The platform reported that it is now offering its services in pound sterling (GBP) and its UK launch comes just after the Financial Conduct Authority (FCA) granted its Electronic Money Institution (EMI) license.

Founded in 2014, Gemini describes itself as a next-generation cryptocurrency and custodian that allows customers to buy, sell, and store digital assets such as bitcoin and ether. 

“Gemini is building a bridge to the future of money. We offer an industry-leading suite of crypto-native products and tools for individuals and institutions; enabling them to grow, manage, and use cryptocurrency holdings with world-class security, compliance, and customer experience.”

Gemini further revealed it is now live with new features, additional local support, and faster ways for crypto investors to fund their accounts. Tyler Winklevoss, Gemini CEO, spoke about the launch by stating:

“Going live with our full services available in GBP in the UK is another exciting step forward in Gemini’s international expansion, advancing our mission to empower individuals and organizations around the world through crypto.”

Gemini went on to add that it is also now offers its secure platform to UK institutional investors in their local currency, enabling them to access crypto trading, market data, and custody services on behalf of their clients.

Source: https://www.crowdfundinsider.com/2020/09/167206-cryptocurrency-exchange-custodian-gemini-makes-debut-in-the-uk/

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