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PayRue

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PayRue is European based wallet focusing on exchange, transfer, and storage of cryptocurrencies.

106%
 - 
Funded 30 Sep 2019
£100,002 target
£118,098 from 249 investors
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Business overview

Location London, United Kingdom
Social media
Website www.payrue.com
Sectors Finance & Payments Digital B2C
Company number 11482610
Incorporation date 25 Jul 2018
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Investment summary

Type Equity
Valuation (pre-money) £5M
Equity offered 2.08%
Tax relief

SEIS

Idea

Introduction

PayRue is a London based cryptocurrency wallet and exchange provider. PayRue was founded by Mikael Olofsson and Ingemar Svensson who have more than 20 years’ experience in financial services and financial technology firms in both London and New York such as ICAP, Barclays and Bank of America.

PayRue was founded in 2018 to support the growth and mass adoption of cryptocurrencies by offering an application that allows people to exchange, hold and transfer cryptocurrency in a user-friendly way supported with competitive commission and high security.

Our application is available all over the world through the Apple Store, Google Play Store and as a Web application.

PayRue is offering services that will support the growth for cryptocurrency as a new emerging asset class. With already built and working technology and growing user base we feel we are well positioned to further expand our user base whilst adding on new services and cryptocurrencies.

PayRue is very excited about the future and is working on numerous applications, services and blockchains aiming to offer the best exchange services, customer execution and security. We aim to become a global financial service provider of cryptocurrencies and fiat services.

In the very near future PayRue plans to include adding fiat to crypto services, debit cards and insurance.

Intended impact

Having been active in the cryptocurrency world for a long time, both personally and as a business, we found a lot of things were complicated and painful, especially early on. Decentralization and user control sounded like great ideas, but as a novice user, the pain of managing keys and installing old fashioned desktop applications felt backward.
We started to imagine an app which could take the pain away and manage some of the complexity yet still give us full access to this new decentralized world. An app that would be simple to use and that could offer more than just a wallet.

So we came up with PayRue - an ecosystem and a suite of functionality and services which is designed to cover the needs of users at each level.

Substantial accomplishments to date

- PayRue has grown their user base over 22k registered users and over 4,500 KYC approved users since official launch in March 2019.
- The application is live on iOS, Android and Web app.
- The company has been self-funded so far
- We are live and generating revenue.
- Regulated in Estonia for Crypto exchange and Digital Wallet services.
- Patent and Trademark PayRue for UK and EU.

Monetisation strategy

PayRue offers exchange services of BTC, ETH, XLM, Propel and USDC. Users can also scan a QR code to transfer the exact payment for goods and services.

- Commission based revenue is earned on transfer, exchange and payments. 0.1% on transfer and 1% on exchange services.
- Propel is the native reward Token of PayRue that allows you pay commission on transfer, exchange and payments with 50% discount. 100 Propel is rewarded to any PayRue user who complete the KYC registration.
- We aim to launch monthly subscription to support a suite of services in 2020.
- Issuance of digital wallets and debit cards.

Use of proceeds

- Allocation of funds will be invested 40% product development, 40% marketing and 20% admin.
- The development of the product is in line with the ambition to add further coins, debit cards and features to the overall PayRue proposition.
- Develop the company towards our Series A Round.

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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 PayRue has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 29 July 2019 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 £5,005,156

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.

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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