Starling Bank co-founder’s crypto startup Ziglu raises £6 million

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London-based crypto payments app Ziglu, launched by Starling Bank co-founder Mark Hipperson, has raised £6 million (about $8 million) on the Seedrs equity crowdfunding platform.

The funds raised came from 1,250 individual investors with an average investment amount of £4,800 (about $6,400). Ziglu’s initial target for the fundraiser was only £1 million ($1.33 million), and it raised that amount within the first three hours of the campaign opening. The money raised will go to fund technology and product development teams as well as the international expansion of the personal money payments app.

“We wanted to give our customers the opportunity to be a true part of Ziglu through ownership,” said Yang Li, Ziglu’s chief growth officer, in the release. “We have been overwhelmed by support for the crowdfunding round, resulting in Ziglu becoming the largest equity campaign on Seedrs this year. Our vision for financial inclusion and community support translates through all our initiatives whether it’s crowdfunding, charitable giving or personal finance — providing fair and equal access to everyone — the same approach we take to crypto.”

Hipperson, a co-founder and former CTO of U.K. challenger bank Starling Bank, founded Ziglu in June and is its CEO.

Ziglu is a payments app that enables purchases and P2P money transfers using traditional and crypto currencies. The cryptocurrencies supported include bitcoin, Bitcoin Cash, Ether, Litecoin and XRP. It also has a debit Mastercard that allows Ziglu account holders to make in-store and online purchases using funds stored in the wallet.

Ziglu claims that the fundraiser was the largest Seedrs equity raise of 2020 and that it was five times oversubscribed. Since the company’s founding, Ziglu has raised over £11million (about $14.6 million).

The Ziglu account is available for U.K. residents over the age of 18 and there is no fee for opening an account, making deposits or sending money. Ziglu does charge a 1.25% fee for buying or selling cryptocurrencies.

According to a report from CoinDesk, one of Ziglu’s key benefits is to search multiple exchanges for the best prices for crypto currencies when using traditional currencies as the funding mechanism. This has become very important as the price of bitcoin has jumped from a 2020 low of $4,857.10 on March 12 at the start of the U.S. COVID-19 lockdown to a most recent price of $18,870.80 on Dec. 1 according to Google (data provided by Morningstar and Coinbase).

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Cryptocurrencies U.K. Venture funding