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UK crypto app Ziglu closes £6 million crowdfunding raise

UK crypto app Ziglu closes £6 million crowdfunding raise

Ziglu, the crypto trading and payments app launched by former Starling Bank co-founder Mark Hipperson, has closed a £6.1 million crowdfunding round.

Staged on U.K. equity crowdfunding platform Seedrs, Ziglu hauled in an average of £4,800 from more than 1,250 retail investors. Its initial target was to raise £1 million through the platform.

Ziglu is one of just three crypto firms to have been added to the Financial Conduct Authority’s crypto-assets register of authorized firms, alongside Gemini and Archax, the exchange businesses. The app allows individuals to buy, sell and pay with a range of fiat and cryptocurrencies.

The £6 million crowdfunding raise brings the total amount raised by Ziglu to more than £11 million. The company announced that it had secured £5.25 million in seed funding from angel investors in June 2020. Hipperson founded the business in late 2018.

Yang Li, chief growth officer at Ziglu, said the raise was Seedrs’ largest equity campaign so far in 2020.

“As an innovator in the fintech space, Ziglu has been classified as a Knowledge Intensive Company (KIC) by HMRC, enabling KIC investors to claim tax relief on investments up to the value of £2 million,” Li continued, adding:

“This means that the research and development Ziglu is completing as a result of the funding will be the key driver of growth and income for years to come.”

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Ryan Weeks