Uganda based start-up, Eversend’s Seedrs crowdfunding raised over US$ 1M in investment.
Intially, the Seedrs campaign aimed to raise US$ 613K in exchange for 7.67% equity. However, due to the strong confidence in their brand, product viability, and reputation, Eversend managed to raise almost double the initial amount. The crowdfunding is a part of their wider fundraising strategy that is currently in process. Eversend’s plan is to use the resources into product development, regulatory compliance, and user acquisition. In addition, a part of the funding will remain in the books as working capital strengthen Eversend’s netting off reserves.
Founded in 2017, Eversend handles digital currency exchange and other multi-currency wallets. It offers loan services, merchant payments, group savings, and future financial investments. It also provides users with cross border money transfers among other financial services.
Eversend is Africa’s first neobank with an aim to remove the need for having multiple apps on your phone by replacing them with a one-does-all solution. Driven by the frustration of making international money transfers, Eversend works to provide an elusive alternative that is cost-free yet convenient. As one of the continent’s leading innovations working towards financial inclusion, Eversend allows intra-Africa money transfers across different currencies.
According to Eversend, “For Africans in the diaspora that experience inconvenient and expensive financial services, Eversend is a one-stop financial services hub to exchange, save, manage and send money at the best possible rates, both online and offline.”
Eversend boasts of 40,000 registered users who grow at 30 percent every month. The app is available on iOS and Android.
The start-up acquired a Ugandan money lending license and has participated in incubation programmes such as:
- Westerwelle Young Founders Programme,
- Google Launchpad Africa accelerator,
- Ecobank Fintech Challenge
- CATAPULT: Inclusion Africa
In November 2019, Eversend defeated 1,700 other companies to win the Slush start-up competition based in Helsinki.
Recently, Eversend announced the launch of its virtual Visa cards. The virtual cards are denominated in US dollars and can be used to pay for online purchases like Netflix, Amazon, Facebook, Google and Twitter ads, etc. These virtual cards can be used for up to three years before they expire.
Future plans involve expanding their footprint into Nigeria, West Africa (Francophone), and Europe.