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T8

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T8 is a financial services and lifestyle platform built for the global mass affluent.

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Funded 12 Dec 2022
£1,400,000 target
£3,329,123 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website www.t8wealth.com
Sectors Finance & Payments Digital Mixed B2B/B2C
Company number 12955709
Incorporation date 16 Oct 2020
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Investment summary

Type Equity
Valuation (pre-money) £20.8M
Equity offered 6.30%
Tax relief N/A
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Business highlights

  • Custom-built banking platform scalable to millions of customers
  • Rapid growth with 50K+ downloads since MVP launch in Feb 22
  • Founded by 2 seasoned tech and financial services entrepreneurs
  • Raised £8m investment since Nov 2020
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Key features

  • Secondary Market
  • Nominee investment min. £12.26 +
  • Direct investment min. £25,000.00 +

Idea

Introduction

T8 is a payments, investment, and lifestyle platform built for the global mass-affluent consumer. Over 500 million people are underserved by their primary bank, don't qualify for a private bank account, and require multiple providers to meet their needs. T8 solves for this on our own innovative platform that allows access from the palm of your hand via our app.


Our mission is to support customers throughout their financial journey. From saving for a child's overseas education, to making international payments from your home country to abroad, or to simply diversifying your savings, T8 is your partner.

On our platform, customers can open a European payments accounts, transfer money internationally, or invest their savings across a number of our wealth management partners.

In addition, we aim to enrich our members’ lives 24 hours a day, 365 days a year, via our concierge offering, allowing customers to book priority reservations at the world’s most exclusive restaurants, to luxury travel planning, though to VIP tickets for sold-out events.

The business is focused on B2B partnerships to drive customer growth and lower customer acquisition cost.

Substantial accomplishments to date


Business growth:

· £8 million raised since November 2020 from HNWI, family offices and industry insiders
· Valuation increased by 340% from US$5m in Nov 2020 to US$22m in Sept 2022 (this round)
· Implemented, deployed, and developed our cloud native, core banking platform [You can look at the breadth of our technology platform in the documents section]
· Went live in Europe via our EU EMI partner, UAB Bebawa
· Rapid growth with over 50,000 app downloads since our MVP launch in Feb 22
· Over 2,000 customers onboarding and over 1,500 transactions since full go-live in June 2022

Development of in-app features:

· App available in both iOS and Android
· Integrated accounts with Saxo, Property Partners and Vino Vest that allow users to trade stocks globally, invest in factional property and invest in fine wines through their T8 app
· T8 Concierge offering built and rolled out. Book VIP concert tickets, arrange your holiday destinations and travel, source sold-out luxury goods and designer gear, and so much more
· Child account functionality
· Savings goal
· Instantly send Euro payments
· Round up function on spending and transfers, with “turbo-boost”
· VIP partnership with Bicester Village for a luxury shopping experience

Building towards the next stage of growth:

· Started the license application process for UK EMI with FCA
· Conditional MSO license approval in Hong Kong
· International expansion with Singapore and Canada entities formed
· MOU’s signed to offer EU payments accounts to Asian wealth managers for their mass affluent customer base

Monetisation strategy

T8 is designed to combine multiple revenue streams through our diverse offering of services and customer partners. We are currently revenue generating via our concierge offering with revenue share on purchases made via the concierge.

We also plan to create revenue via the following strategies:

· Monthly subscription fees (currently waived in this launch period)
· Stock trading via users' Saxo accounts
· Revenue share on customer purchases via our lifestyle partners
· Funds & ETFs sale charges and trailers fees (where authorised)
· FX market competitive fees
· Premium tiered monthly subscriptions
· Card rebate (interchange and international withdrawal)
· Mortgage referral fees
· Insurance product distribution fees

Use of proceeds

Our current goals are to further develop the platform, increase our regulated footprint, and grow customer numbers.

This requires further investment into our teams for:

1. User Experience (40%) - Our innovative and ambitious product roadmap includes:
· Platform development: to demonstrate the breadth of our offering to customers before they onboard
· Multi-currency accounts
· Deeper integration of the concierge offering

2. Licensing (30%) – T8 is currently regulated through a partner EMI license in the EU. We aim to start the process of acquiring an EU license to give ourselves full operational control. We also plan to continue our UK EMI license application with the FCA.

3. Customer Growth(30%) – Our customer acquisition strategy is heavily focused on B2B partnerships to lower our CAC. Given our deep experience in Asia, we see multiple opportunities to work with businesses that have customers requiring a T8 account. In parallel we plan to scale our content marketing as we expand our geographic reach.

Key Information

Anti-Dilution Protection

Please note that certain of the existing shareholders in the Company including the founders have full ratchet anti-dilution protection. In the event the Company issues any shares at a valuation below $5 million, then the investors will be issued additional shares so that their shareholding is equivalent to the shares they would have received had they originally invested at the lower share price. Seedrs’ investors will receive the benefit of this anti-dilution protection.

Group Structure

Investors in this round are investing into, and will become shareholders of, Typhoon Wealth Group Limited. This is the holding company for the group that owns subsidiaries in the UK, Hong Kong, Singapore and Canada. All shares in these subsidiaries are owned by Typhoon Group Limited.

Managing Team

One of the co-founders and directors of the business is currently part-time.

Mark Duncan (Co-Founder & Director) is full-time, and John Eyres (Co-Founder and Director) is part time. John spends 95% of his time working for T8, and 5% of his time in a consulting role as Chairman for Typhoon Consulting.

Runway

The company has been operating on a monthly cash burn rate of £250,000 until August 2022. This will be reduced following this round due to lower need for spend on technology development. The company will therefore reduce monthly cash burn to £80,000 in order to ensure sufficient funds for 12 months runway.
In addition to this, the company plans to use this funding round as a bridge to an institutional round in 6 months time. In the event they do not have an institutional round, then they will continue to operate at the reduced cash burn rate.

Please see the ‘Use of Proceeds’ in the ‘Idea’ section under for further details on how the company plans to spend the funds from this round.

Material Debt

The co-founders have accrued unpaid salaries of £104,000 in total. They reserve the right to reclaim this once the company is generating revenue above £250,0000.

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

Exchange Rate

Direct investments in this round from investors outside of Seedrs have totalled 1,468,788.00* USD. These have been reflected on the campaign at an agreed exchange rate of 1 GBP to 1.08 USD. All investments made through Seedrs are in GBP.

(*this figure has been amended to reflect the correct amount of funds received by the Company)

Investor Perks

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

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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 T8 has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 28 September 2022 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 £20,810,203

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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