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Glint

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Use real gold as real money. Buy, save, spend & send real gold and other currencies, digitally with Glint

156%
 - 
Funded 5 Jul 2021
£1,999,998 target
£3,176,712 from 1,193 investors
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Business overview

Location London, United Kingdom
Social media
Website www.glintpay.com
Sectors Finance & Payments Digital Mixed B2B/B2C
Company number 09507932
Incorporation date 25 Mar 2015
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Investment summary

Type Equity
Valuation (pre-money) £35.9M
Equity offered 8.05%
Tax relief

EIS

Co investor Republic

Republic curates investments in startups, crypto, real estate, art, music, and more.

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Business highlights

  • 49% growth 6 months, 79k registered, £158+ million transactions
  • Launched US office and full operations, including cards, in 2019
  • Principal Member of Mastercard UK + Glint it! P2P transfers
  • £26.41m pre-money valuation based on issued share capital
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Key features

  • Secondary Market
  • Nominee investment min. £16.98 +

Idea

Introduction

"Welcome to Glint where we have taken gold, one of the most trusted and proven stores of wealth and made it liquid, enabling clients to buy, save, spend and send real gold, instantly and inexpensively, using our bespoke platform, through the Glint App and Mastercard.

The US Dollar and the British Pound have devalued over 85% in the last 50 years. Over the same period, gold, which we appreciate can go down in value as well as up; one of the most proven and trusted stores of value over time, has increased by over 500%, but, until now, it hasn’t been a good medium of exchange. Imagine investing in a business that is on a mission to revolutionise payments across the world by making real gold, liquid, a safe and reliable method of payment. Thanks to Glint, with its teams in the UK, US and Japan, everyone can now have their own personal gold standard

The Glint team has built a unique global FinTech business that is a regulated (UK FCA eMoney Issuer), multi-currency saving and payments platform, which we believe is the first in the world to allow instant, electronic transactions in digitized gold, at point of sale.

Our scalable technology enables Glint clients to use their currencies (GBP, USD, EUR and GOLD), with our UK, EU and US issued Mastercards in 210 countries world-wide. Our P2P Service, Glint It!, allows clients to send and receive gold and currency between Glint accounts in over 160 countries.

Gold is security. Glint its key."

Jason Cozens, CEO

Substantial accomplishments to date

• World’s first: Save and spend gold as money in any amount, anywhere in the world that Mastercard is accepted.

• Global gold-based payments network: Gift & pay with gold as easily as sending a text or email.

• Physical gold: Buy physical gold (allocated to you), insured by Lloyds of London and held in a secure Brinks vault in Switzerland.

• Multi-currency: Access and switch between your multiple currencies including GBP, USD, EUR and GOLD using your Glint app. Currencies are stored in safeguarded and segregated accounts.

• Global Presence: Available in 200+ countries, Glint cards issued in 37 countries: US, UK & EU.

• New Products: Glint it! Gold-sharing P2P service launched in UK and Europe in 2020. Gold sharing P2P service in the US to follow in the near future.

• Emerging growth: After building its platform Glint’s user base has grown by 40% in the last four months (Oct 2020 - Feb 2021).

• Card Issuing: Mastercard Principal Member for issuing in UK and Partnered with Sutton Bank for the US.

• Funding: £20 million equity funding raised to date.

• Transactions: Over £158 million transactions.

Monetisation strategy

Glint's revenue model is very simple and currently derived from exchange and card transactions.

We charge clients a 0.5% fee on the exchange of gold or FX.

We receive an 'interchange' fee (UK/EU 0.2% & US 0.9%) when our cards are used to buy something, this fee comes from the merchant not the Client.

Finally we also charge the client £/$/€1.50 for an ATM withdrawal.

We are currently looking at Future Revenue streams which include:

- Corporate Products

- Tiered Subscriptions

- Premium Card and account products (e.g. Solid Gold card)

- Gold Savings Products e.g. Pension Wrappers, School Fees

- 3rd Party corporate and client payments

Use of proceeds

The funds raised will be reinvested to maximise revenue and organically grow the business. This will be done by increasing targeted spend on Marketing and New Markets and products (including soft launch in Japan 2021, launch of Glint it! in USA).

To meet our forecast revenue targets we will need to increase our registered customer base to 250,000 in 2021 (currently 75,000). To maximise our revenue from these new customers we will look to use part of the investment to consolidate existing functionality and develop new revenue generating products, as per the Future Revenue streams listed above.

To support this growth we will need to add key human resources in IT Development, Operations, Client Services, Marketing, Finance and Compliance to ensure that we not only support our client base, but are able to plan for further growth.

Key Information

Valuation

The pre-money valuation for Glint has been calculated on a fully diluted basis, including all existing rights to equity that may convert and dilute investors in the future. In this case, the valuation on the campaign reflects (i) issued shares (ii) options (iii) warrants, and (iv) the Future Fund Convertible which is expected to convert on close of this round (see below).

Please note that the pre-money valuation of the business when taking into account only issued share capital, is £26.41m

Future Fund Convertible

The company has the following outstanding convertible loans, which may convert to equity after this round and dilute existing shareholders:

£2,453,540 Future Fund Convertible Loan, with the following key terms:
- Interest rate: 8% non-compounding.
- Conversion trigger(s): An equity raise of at least the value of the convertible loan.
- Conversion price: 20% discount on the share price of the qualifying round
- Valuation Cap: None
- Share class: Most senior class of shares issued in the round
- Repayment date: 28 October 2023

This round is expected to trigger this convertible loan and it has been priced in to the pre-money valuation.

Existing Loans

1. The company has an outstanding loan from Stockford Limited of £2,500,000.
The loan is subject to interest of 15% per annum. Interest up to the original Repayment Date, 19 November 2020, was prepaid (ie it was deducted from the original amount of the loan which could be drawn down, while the full loan amount is repayble).

The loan has since been extended to 19 May 2021 and again to 19 May 2022. During this extension period, the interest is repayable on a monthly basis and is approximately £31,285 per month.

The proceeds of this fundraise are not intended to be used for repayment of the loan. However, investors should note that the company is still loss making and therefore proceeds may, in part, be used to make the ongoing interest payments. The loan is also secured over the assets of the business.

2. One bounceback loan of 50,000 loan at an interest rate of 2.5% per annum. The loan is to be repaid in monthly instalments from 8 June 2021 until 8 June 2023.

The funds raised from this investment round will not be used to repay this loan.

Administration

In 2019 Glint successfully emerged from administration following a hostile takeover attempt. The hostile group, purchased Glint’s only loan from the original lender and appointed administrators, using a disputed claim of technical default. With the full support of its shareholders Glint achieved a solvent exit, raising funds to repay the loan early, all creditors, and the administration costs.

Republic Co-Raise

Glint is co-raising with Seedrs US Partner, Republic, for a joint equity crowdfund. Investment on Republic is being raised via a Private Placement Memorandum (PPM) on the same terms offered to Seedrs investors. The exchange rate for these investments has been set at £1/$1.35.

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Glint has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 30 April 2021 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £35,858,032

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

Warning

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None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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