Aspiring Blockchain bank BABB raises 1.4m to help Unbanked

Aspiring Blockchain bank BABB raises 1.4m to help Unbanked
11.10.2018 09:24 am

Aspiring Blockchain bank BABB raises 1.4m to help Unbanked

Blockchain , Investment , Banking

BABB has successfully completed its equity crowdfunding through Crowdcube, raising more than £1,400,000 from 1,232 investors.

The funds will be used to support BABB’s applications for banking licences in the UK and Lithuania.

BABB is building a decentralised platform using blockchain and biometrics technology, to provide mobile banking services to empower the global micro economy and tackle one of the world’s biggest challenges: how to effectively connect unbanked people to the economy.

Everyone needs a bank account. Life is very, very difficult without one: it’s virtually impossible to find a place to rent, get a mobile phone, be paid officially for work, or start a business. Yet billions of people around the world are unable to access the basic banking services they need.

BABB is aiming to solve this problem by providing people around the world with access to a bank account and banking services through its app. Customers can open an account on their smartphone in a few simple steps and gain access to a network which makes it quick and cheap to transfer money, exchange currencies and fundraise for projects.

Its first mobile app, which (once BABB obtains a banking licence) will offer the ability to open a bank account and make domestic and international transactions, launches to beta testers in the autumn, with more advanced functionality following in 2019.

The Crowdcube campaign was launched in June, and followed the successful sell-out of BABB’s token sale in February, which raised $20 million from 10,000 people across 146 nations.

Rushd Averroes, Chief Executive Officer at BABB said, “This funding marks another critical milestone as we move towards our goal of improving lives and livelihoods and creating new opportunities for individuals and businesses across the world.

“Millions are excluded from, or dissatisfied with, existing banking institutions. We’re determined to change the industry, to make banking fair, inclusive and globally connected. We plan to do this by ripping up the rulebook on how to build a bank, whilst remaining fully compliant with all regulation. By combining blockchain technology, biometrics and artificial intelligence, we are creating the future of banking, radically different from what the world has seen before.

 

 

Related News

Scalable Solutions and Real World Implementation to Headline Agenda For Third Annual Fintech Summit In Dubai

The movers and shapers of the financial technology (fintech) world will return to Dubai on 30th October 2018 for the third annual Fintech Summit, organised by leading regional... Read more »

Blockchain Tech for the Financial Sector

Financial institutions are ready to implement blockchain technology. This article is aimed at the industry leaders, progressive thinkers, and innovators; those people who know... Read more »

Argo launches Bitcoin on its mining platform

Argo, a UK-based provider of cryptocurrency mining services, is pleased to announce the launch of Bitcoin, the world’s largest cryptocurrency, on its platform from 1st of... Read more »

Blockchain Impact in Europe Impeded due to Lack of Industry Collaboration

Recent research of over 1,500 European business decision makers across the banking and financial services, manufacturing, retail, healthcare and insurance industries reveals... Read more »

HTMLCOIN Reveals AltHash Web-Platform and Signs MOU for Blockchain-Based Birth Certificates

On September 26, 2018, at the Philippine Consulate in Chicago, the ALTHASH blockchain, represented by HTMLCOIN, signed a Memorandum of Understanding (MOU) with Kinasang'an... Read more »

Namibia investigating the application of blockchain for remittances

George Goognin Mile Unity Foundation’s Global Ambassador, participated a meeting with Hage Geingob, the president of Namibia, Minister of Investments and the Head of Presidents... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App