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Thyngs

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Platform for touch-free instant payments from any physical marketing asset. Core focus on Charity sector.

100%
 - 
Funded 11 Jan 2022
£250,000 target
£250,262 from 239 investors
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Business overview

Location Norwich, United Kingdom
Social media
Website www.thyngs.net
Sectors Finance & Payments Mixed Digital/Non-Digital B2B
Company number 10049849
Incorporation date 8 Mar 2016
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Investment summary

Type Equity
Valuation (pre-money) £8M
Equity offered 3.02%
Tax relief

EIS

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Business highlights

  • Touch-free cashless payment & donor engagement for charities
  • Opportunity as Virgin Money Giving closes with HQ in Norwich too
  • Nearly 700 charities use Thyngs to engage donors & raise funds
  • £4 million raised for Good Causes via 220,000 donations
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Key features

  • Secondary Market
  • Nominee investment min. £10.34 +

Idea

Introduction

Thyngs' platform enables marketers to transform any of their physical marketing assets into an instant point-of-sale.

Consumers can simply tap their smartphone on enabled products, packaging, signage or any branded thing to make simple, secure transactions in seconds... all free of the need for an app or payment terminal.

Thyngs' self-service platform is used by charities, retailers, agencies and re-seller partners to create new services in minutes. Thyngs’ approach is especially relevant in a post coronavirus world as we power touch-free and social distanced interactions with consumers.

Customers are able to measure all of the physical world interactions with their audience in real-time, showing unique insights. Thyngs shows conversion rates and customer acquisition costs over 10x better than much digital marketing activity.

Macmillan, Church of England, Children’s Society, RNLI, RSPCA & ANZ Bank already work with Thyngs.

Substantial accomplishments to date

Neil (our Founder) is a global pioneer in NFC wallet technology & conceived the idea of a ‘3 tap’ payment that works exactly like contactless Apple Pay without a point-of-sale terminal.

The first adopters of our tech were charities like Royal British Legion. It is now being used by nearly 700 charities.

Thyngs' platform has also been used in hospitality by Wasabi across all UK stores, Warner Bros for a major Movie Launch and in the magazine publishing sector by Conde Nast amongst others.

Since March 2021, our main business focus is on the Charity sector, supported by the launch of the Good Thyngs sub-brand. Our vision is to become the leading cashless fundraising platform for charities that want to innovate and better connect with their supporters. Alongside this, we have a growing portfolio of partners using the existing Thyngs platform in other sectors.

Thyngs entered a 2 year contract for Macmillan's Worlds Biggest Coffee Morning in Feb 2021, which raised £27m in 2019 and is also used for other Macmillan campaigns.

Our typical ROI is over 500%, and now have over 33% of consumers using payment methods like Apple Pay to donate, replacing traditional card payments and cash.

Thyngs has now raised over £4 million for good causes, engaged with over 1 million unique consumers and processed over 750,000 transactions.

DIT selected Thyngs for the UK-Australia Fintech Bridge, before enabling ANZ bank to create the smart donation Daffodil and was voted by Retail Week as a top 50 global startup.

Monetisation strategy

Thyngs aggregates various payment partners including PayPal, Worldpay, Apple Pay and Google Pay. A sales commission fee is charged per transaction (2.5% for charity donations).

Customers use the platform to quickly create templated or bespoke digital experiences that leverage interactions with their physical and online marketing assets.

The platform captures data in real-time for customers to gain immediate insight to improve campaigns, understand users, and streamline operations. We charge this on a monthly SaaS basis.

Thyngs works with a number of leading sector re-seller partners (Angal, The Sourcing Team, Global Coin Solutions, Parish Buying, PFS) where the partner marks-up volume pricing and bundles with their existing products & services.
Outside of the Charity Sector, Thyngs’ white label platform is used by partners (HH Global, High Street Safari) to provide core infrastructure for physical-to-digital engagement via smartphones engaging over 1 million unique consumers.

Use of proceeds

This investment round is intended to raise finance to accelerate growth in the Charity Sector. You will help take advantage of the market opportunity presented by Virgin Money Giving closing down in November, with their highly experienced team also based in Norwich.

Money raised will be used to:
· increase marketing for the new GoodThyngs dedicated service to reach charities and become market leader
· bolster sales team to more rapidly close deals
· expand account management team to increase customer success
· further support customer activities to be the most comprehensive solution for donor engagement and cashless fundraising.

The tech team are going to be working on new self-serve features to more easily configure new on-line and off-line white label fund-raising campaigns, including:
· personalised fundraiser pages and individual totalisers
· email tools for donor engagement
· expand platform analytics to support global audience
· additional languages & full internationalization

Key Information

Outstanding debt

Please note the business has the following outstanding debt:

A Government Bounceback loan from Barclays Banks totalling £47,000. The loan accrues 2.5% interest per annum, and is repaid with monthly payments of £833.33. The loan was entered into on the 18th June 2021 and is expected to end on 18th June 2025.

A £250k loan from the Greater London Investment Fund accruing interest of 14.5% per annum. Interest only will be paid until Jan 2022 after which capital and interest is paid. The loan was entered into in March 2020 and is expected to end in March 2025.

Funds raised as part of this round will not be used to repay these debts.

Share classes

The company currently has 2 classes of shares, A ordinary and B investment. All investors in this round, including Seedrs investors, will be receiving A ordinary shares

• A ordinary shares:

o Full voting rights
o Equal rights to dividends
o Entitled to participate in a distribution arising from a winding up of the company

• B investment shares

o No voting rights
o Holders shall not have the right to receive notices of any general meetings or the right to attend at such general meetings

Previous investment

The company raised £50k of investment on the same terms as this round in January 2021.

The funds have not been reflected in the amount raised and the shares have been included in the pre-money valuation.

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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 Thyngs has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 4 November 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 £8,044,700

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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