BABB sets sights on banking license; kicks off crowdfunding campaign
4th July 2018
Level39 member BABB has begun a crowdfunding campaign to give it the capital boost required to obtain a banking license. The team has previously raised around $18m in an Initial Coin Offering (ICO) to develop its banking platform for the unbanked.
The team are now looking to raise £1.5m for 1.48% of the business, at a pre-money valuation of $100,000,000. You can find out more about the campaign and invest here.
The funds will be used to enable BABB to become a licensed bank in the UK and/or EU. The business already boasts a community of 50,000 people spanning 173 nationalities.
With the ICO money earmarked for product development – the team are looking to launch the banking app and payment card in the fourth quarter of this year.