UK start-up BABB seeks more funding in banking licence hunt
London-based blockchain start-up BABB is asking for more money to give it the capital boost required to obtain a banking licence.
As reported in February, it raised $20 million in a funding round to build its platform. The latter is decentralised and uses blockchain, biometrics and artificial intelligence (AI) technologies. The firm’s plan is to offer a bank account, payment card, and access to its global peer-to-peer network.
In the latest call, it’s now looking to raise £1.5 million for 1.48% of the business, at a pre-money valuation of $100 million.
The funds will be used to enable BABB to become a licensed bank in the UK and/or the EU. So it’s keeping its options open.
According to BABB, it has a community of 50,000 people spanning 173 nationalities.
With the ICO money earmarked for product development – the firm is looking to launch the banking app and payment card in the fourth quarter of this year.
Back in 2017, we wrote about BABB’s plans. At that time, it said “everyone is a bank irrespective of their income level”.
It does not see itself as a “challenger bank” but as co-operating with existing banks and financial institutions.
That said, it’s on our long UK challenger banks list.
