Overfunding: Neobank for Africans Eversend Surpasses €550,000 in Funding Through Seedrs Round
by Samantha Hurst
Eversend, a Neobank for African, has successfully secured its initial €550,000 equity crowdfunding target through its Seedrs campaign. The company is now offering 7.67% with a €6,616,739 pre-money valuation.
Founded in 2017, Eversend describes itself as a digital-only finance platform providing cross-border money transfers, multi-currency wallets, currency exchange and aspirations to offer personal loans, savings, group savings, merchant payments and investments in the future.
“For Africans and Africans in the diaspora that experience inconvenient and expensive financial services, Eversend is a one-stop financial services hub to exchange, save, manage and send money at the best possible rates, both online and offline.”
The Eversend team also explained that they wanted to solve the most painful problem that Africans face in financial services.
“We choose to focus on intra-Africa money transfers, where the remaining $21 billion is transferred, as well as money transfers from Sub Saharan Africa to the rest of the world, totalling $14.2 billion annually. For this market there is, as far as we’re aware, no digital solution. It is still dominated by Western Union and MoneyGram. This means fees potentially exceeding 30%, a bus ride to the nearest city, and waiting in line. Eversend integrates with mobile money platforms and costs 2.5-4%.”
Funds from the Seedrs round will be used for the following:
Product Development: Eversend will use some of this money to beef up its product and engineering team so it can ship faster.
- User Acquisition: Eversend need to accelerate its user acquisition efforts.
- Working Capital: Some of the funds will remain in company accounts as working capital to beef up Eversend’s netting off reserves.
- Market Expansion: Eversend intends to expand its offering to Nigeria, Francophone Africa, and Europe to make a real connection between Diaspora and Africa.
- Regulatory Compliance: When Eversend closes its seed round, some of the funds will be used for regulatory compliance.
The campaign is set to close at the beginning of July.