News Briefing - Crowdfunding, SME And Alternative Finance

crowd at an airport, man works on laptop

1.UK – FinTech

Crowdfundinsider reports: 

TaxScouts, which claims to be on a mission to make sorting taxes “affordable and effortless,” has raised 165% (£1,652,047) of its £1,000,000 target from 597 investors (at the time of writing) via Crowdcube with 24 days left in the firm’s crowdfunding campaign. 

TaxScouts reveals that it began operations back in 2018. Based in the UK, the firm offers tax services and “ranks #1 (4.9/5) on Trustpilot.” The company’s annualized user growth has surged to 237% since inception. The company has expanded operations globally in 2021 with a VC-led (Octopus) £5m. 

TaxScouts reports a £35,000,000 pre-money valuation, 4.51% Equity, EIS, and a £13.97 share price. TaxScouts explains that it’s focused on making the process of sorting taxes a lot more efficient.” 

 2. US – FinTech 

Finextra reports: 

“Climate data platform Doconomy has raised $19m of equity capital to help accelerate expansion and the recruitment of new talent. 

Additionally, it will help the further development of its Impact Applied Portfolio, enabling environmental impact calculations on products, financial transactions, lifestyle and corporations to inspire further climate action worldwide. 

While this funding round was led by CommerzVentures. Citi Ventures, Citigroup’s venture capital team, and Ingka Investments also participated. Additionally, existing investors Mastercard and Ålandsbanken also contributed to this round. 

Doconomy previously partnered with the United Nations Framework Convention on Climate Change (UNFCCC) to launch the Carbon Lifestyle Calculator during COP26. The company’s technology is already used in 30 countries by leading banks and brands, such as BNP Paribas, Klarna, Nordea and Standard Chartered. They aim to make their services available in 20 additional markets in 2022.” 


3. International – FinTech 


Crowdfundinsider reports: 

“In December 2021, online lender Bondora reports having a “stable” month in terms of investments, despite declines from November. 

As noted in an update from Bondora, €16,511,772 was invested “across the platform—an 18.6% drop from November.” This is, however, the third-highest amount invested in 2021, which is “a wonderful way to end the year,” the firm wrote in a blog post.” 


4. International - FinTech


Altfi reports: 


“Digital investment services provider WealthKernel has raised $7m, as it looks to expand its API-driven technology across Europe and set up a new European headquarters in Spain. 

The $7m Series A+ fundraise is in addition to a $6m Series A raise it carried out in 2020. 

WealthKernel, which has offices in London and Nottingham, supplies infrastructure for companies looking to offer digital wealth investment services. 

It says that its API platform equates to a one-stop-shop for firms looking to make hay in digital wealth. Its infrastructure helps with areas such as client onboarding, brokerage and trading. 

WealthKernel's clients include Claro Money, the financial planning app and Wahed, the ethical investment platform. 

The funds will be used to expand into new European markets, bolster its team, and support the integration of intraday trading into its offering.” 


5. International - FinTech 

Crowdfundinsider reports: 

“Digital assets firm Okcoin is now offering the two crypto tokens of the ecosystem, Spell (SPELL) and Magic Internet Money (MIM), with “some of the lowest fees around.” 

As noted in the update from Okcoin, here’s what each of these tokens are about, in simple terms: 

What’s the Spell token (SPELL)? 

As explained in the announcement, Spell (SPELL) is the native token of the ecosystem. Abracadabra aims to serve as “a decentralized finance (DeFi) platform allowing users to borrow its USD stablecoin – Magic Internet Money (MIM) – against interest-bearing tokens.” 

Going on to comment on what’s so “special” about Abracadabra compared to other crypto lending platforms, Okcoin explained that its lending markets are “isolated one from another.” This means that “if one trading pair is impaired by a lack of liquidity or an issue with its smart contract, other trading pairs remain unaffected.” 

In short, “it lowers the systemic risk that a lot of DeFi services come with,” the team at Okcoin noted while adding that Abracadabra is also “a multichain protocol, which means that SPELL is available on a number of different blockchains such as Ethereum and Avalanche.” 

Beyond trading, SPELL has two main use cases: 

  • It can be staked to secure the network and earn extra Spell rewards 
  • It can be used to vote on Abracadra’s governance matters. 

What’s the Magic Internet Money (MIM) token? 

As mentioned in the update from Okcoin, Magic Internet Money (MIM) is Abracadabra’s USD stablecoin. The aim of stablecoins is to “combine the benefits of a cryptocurrency with the stability of a fiat currency.” 

In this case, MIM is “built on top of Ethereum and its price is pegged to the USD’s by an arbitrage mechanism – which means that Abracadabra’s users have monetary incentives to keep the price stable and pegged to the USD price,” the Okcoin team noted.”