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Kestrl

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Kestrl is a mobile app that makes it easy to budget, save and invest in line with your Personal Values.

118%
 - 
Funded 3 Feb 2021
£160,003 target
£190,469 from 226 investors
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Business overview

Location London, United Kingdom
Social media
Website www.kestrl.co.uk
Sectors Finance & Payments Digital Mixed B2B/B2C
Company number 12297799
Incorporation date 22 Sep 2020
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Investment summary

Type Equity
Valuation (pre-money) £5M
Equity offered 3.66%
Tax relief

EIS

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Business highlights

  • A digital solution for British Muslims' Financial needs
  • Launched App in Sep 2019 on Google Play and App Store
  • Graduated from Cambridge Accelerator, raising £135k pre-seed
  • SEIS eligible with £80k of allocation available - See Key Info
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Key features

  • Secondary Market
  • Nominee investment min. £11.85 +

Idea

Introduction

Kestrl was founded on a single idea, that no one should have to compromise their values when it comes to achieving their goals.

Kestrl began when founders Areeb Siddiqui and Daeng Termizi met whilst studying for their MBAs at the University of Cambridge and were faced with a common dilemma. Despite both being practising Muslims, it was near impossible to bank and invest in the UK in line with their religious beliefs. From finding interest-free savings accounts to taking out a mortgage, convenient and affordable options were few and far between.

Together, Areeb and Daeng decided to combine their experiences consulting and working in UK fintech and Malaysian Islamic Banking to solve a problem faced by over 1.9m British Muslims today.

One year later and after forming their Malaysian based tech team, raising a £135k pre-seed round from C-level Islamic Banking professionals and launching their app on Google Play and App store, they’re now ready to take Kestrl to the next level.

Substantial accomplishments to date

Kestrl has come a long way since its Founders graduated from Cambridge and set up the company in November 2019;

- Dec 2019: Sourced an extremely experienced CTO, Irfan Radzi, and in-house tech team based in Malaysia

- Jan 2020: Raised Pre-Seed capital of £135k from C-level executives at major UK Islamic Banks

- Feb 2020: Admitted onto the University of Cambridge and CMS legal accelerator programmes

- Apr 2020: Built an Oxford-based Data Science team led by Dr. Mus'ab Shaharom, our head of data Science and an Oxford PhD in machine learning.

- May 2020: Became official agents of TrueLayer for use of their Open Banking permissions and API

- Jul 2020: Launched beta of our budgeting app to 500 test users

- Sep 2020: Launched Kestrl app for public download on App Store and Google Play

- Oct 2020: Signed up and integrated 5 financial service providers for the Marketplace for release in November

Monetisation strategy

Kestrl intends to make money through 4 main channels;

1. Monthly subscription

Kestrl will offer 3 subscription tiers, with budgeting and marketplace access offered for free, with additional features such as Goals tracking, savings accounts and a Debit Card offered in a £1.99 and £4.99 tier.

Freemium - £0
Standard - £1.99
Premium - £4.99

2. Marketplace commissions

We will also generate revenue through commissions from 3rd parties. Commissions have been negotiated with our first 5 providers and range from fixed fee for investments, to a recurring commission for Energy and Pensions switching.

3. Home Purchase Product

In the next 12-18 months, Kestrl intends to launch its own range of investment/financing products, the first of which is an equity-based home purchase product.

4. South East Asia market

By our third year of operation (2022), Kestrl intends to expand to Malaysia/Indonesia by white labelling with established retail banks and utilising our 'inside knowledge' of the region.

Use of proceeds

The money raised will be used to achieve the following milestones;

- Nov 2020: Launch of the Kestrl marketplace for 3rd party financial service providers

- Dec 2020: Launch of Kestrl savings accounts and features

- July 2021: Launch of Premium tier with debit card, credit scoring etc.

- 2022: Release of Home Purchase Product

- 2022: South-East Asian Expansion

To hit these milestones, the investment will be divided as follows;

- 39% Platform building costs and tech team expansion
- 20% New hires in product development, marketing and operations
- 19% Maintaining Agency license fees and acquiring our own regulatory permissions
- 8% Marketing
- 14% Ancillary i.e. rent, IT costs and contingency

Key Information

Regulatory approval

Kestrl Ltd (registration number: 12297799) is acting as an agent of Truelayer, who is providing the regulated Account Information Service, and is authorised by the FCA as an Authorised Payment institution (FCA reference number: 793171).

Please note that Kestrl is currently in the process of obtaining the relevant regulatory permissions to facilitate the current account product. The FCA is currently reviewing the application for Kestrl to provide this service via an Appointed Representative relationship with another regulated firm.

Tax relief

Please note that whilst the campaign is labelled as EIS eligible the Company has £80,000 remaining of its SEIS limit. We will, therefore, be looking to seek SEIS relief on the first £80,000 invested into the campaign, with the balance being EIS eligible. Any tax relief is dependent on personal circumstances and may be subject to change in the future.

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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

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 Kestrl has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 4 December 2020 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 £4,999,992

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.

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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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