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Ziglu

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A truly global account for the digital age, traditional & digital currency managed seamlessly in one app.

713%
 - 
Funded 9 Nov 2021
£1,000,003 target
£7,224,086 from 1,910 investors
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Business overview

Location London, United Kingdom
Social media
Website www.ziglu.io
Sectors Finance & Payments Digital B2C
Company number 09204810
Incorporation date 5 Sep 2014
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Investment summary

Type Equity
Valuation (pre-money) £85M
Equity offered 7.75%
Tax relief

EIS

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Business highlights

  • Started by Starling Bank Founder and CTO, Mark Hipperson
  • UK FCA & Danish FSA registered
  • Raised £12m so far & 2020’s largest Seedrs equity campaign
  • One of the few fintechs to build their own cloud banking platform
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Key features

  • Secondary Market
  • Nominee investment min. £48.30 +
  • Direct investment min. £25,000.00 +

Idea

Introduction

At Ziglu digital finance is simple and available to all.

Customers have easy and insured access to cryptocurrencies, a Mastercard debit card, and safeguarded GBP accounts.

We help grow our customers’ money in innovative and secure ways, whether investing in our curated portfolio of cryptocurrencies, or our ground-breaking 5% interest investment accounts.

Very soon, we plan for customers to also be able to start to build their stocks, funds and commodities portfolio in the same safe and simple way that they expect from Ziglu. We also plan to launch euro accounts with market-leading FX rates.

Ziglu is regulated by the UK FCA as an e-money firm and has 5MLD registration, which is essential for businesses conducting crypto activity.

We’re also very pleased to announce that Ziglu is now fully authorised by the Danish FSA as an e-money institution enabling us to launch across all of Europe.

Substantial accomplishments to date

Context:

Led by Mark Hipperson, a Founder and former CTO of Starling Bank, we’ve built a team with a record of growing huge fintech companies e.g. Monzo, Starling, Funding Circle, and Monese.

Achievements so far:

🚀 £12 million raised so far from world-renowned investors, crypto founders and HNWIs

🚀 Valuation increased by over 460% from £15m to £85m

🚀 Authorised by the UK FCA as an Electronic Money Institution and one of the first cryptocurrency companies to be registered under the UK’s Money Laundering Regulations (5MLD)

🚀 Authorised by the Danish FSA as an Electronic Money Institution

🚀 In process to become an Appointed Representative to offer investment products such as equities, funds, and commodities

🚀 Rapid growth with a total of 80k+ signed up customers, and an average of 20% MoM growth in 2021

🚀 Launched ground-breaking 5% interest Sterling & Bitcoin investment accounts

🚀 Our customers’ digital assets are insured against cyber attacks

🚀 Instantly send GBP or any cryptocurrency to contacts

🚀 No spending or FX fees when using the Ziglu Mastercard debit card

🚀 Added portfolio analysis, price alerts, & historical charts to our app

🚀 Increased the number of cryptocurrencies to 10 with many more ready

🚀 Household name with media appearances, such as BBC, The Times, Reuters

Monetisation strategy

Ziglu has multiple revenue streams through our diverse offering of services.

☑️ Crypto transaction fees

☑️ Card rebate (interchange and international withdrawal)

☑️ Interest margin made from 5% investment accounts

We plan for the below revenue streams in the future:

☑️ Investment (assets under management) charge

☑️ Stocks & Tokenized stocks

☑️ Funds & ETFs

☑️ Commodities

☑️ FX market competitive fees

☑️ Premium services for a monthly subscription

Use of proceeds

The funds raised in our series A, which includes this Seedrs campaign, will be used predominantly in three areas:

☑️ PRODUCT (30%) - We have an innovative and ambitious product roadmap that includes:

Investment accounts & ISAs for stocks, funds and commodities
Multi-currency accounts and FX
Additional “Boost” high interest accounts
Many more features to come!

☑️ INTERNATIONAL EXPANSION (30%) - Ziglu is now authorised by both the UK FCA and Danish FSA. As such we are able to utilise licenses to commence international expansion. These plans will require further investment into regional teams & localisation of our app & marketing.

☑️. USER ACQUISITION (40%) - In 2021 we began to scale our most successful marketing channels to grow rapidly, and now have over 80,000 signed-up customers. In 2022 Ziglu plan to double down on core channels such as referrals, out of home advertising and content marketing, whilst also pursuing new, less crowded and innovative channels

Key Information

Outstanding Convertible Loan Notes

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

£1,500,000 Convertible Loan, with the following key terms:

Discount: 20%

Interest rate: 8% non-compounding. On conversion events, the company can choose to repay the interest or convert it to equity (without the discount).

Valuation Cap: £120,000,000

Default share price: a share price which is the lower of (i) the lowest share price of the most recent equity financing, less the Discount, and (ii) a price per share which results from dividing the Valuation Cap by the Company’s current fully diluted share capital.

Conversion trigger(s):

Qualifying Financing Round: An equity raise of at least £10,000,000. Conversion will occur at the Default Share Price.

Non-Qualifying Funding Round: the lender can elect to convert the loan on an equity financing round which does not meet the size criteria of a “Qualifying Equity Financing” at the Default Share Price.

Maturity Date: 30th April 2024. The default position on the maturity date is that the loan will convert to equity at the Default Share Price, unless the lender elects to redeem repayment of the principal loan.

Exit: the convertible loan will automatically convert at the Default Share Price or be redeemed on an Exit, whichever would give the lender a higher cash return.

Events of default: the convertible loan is to be repaid on an event of default, such as a liquidation or winding up.

Share class: Most senior class of shares issued in the round

This round is not expected to trigger this convertible loan.

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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 Ziglu has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 22 September 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 £84,997,712

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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