Shared bank branch operator OneBanx has closed on a £1.27 million raise on Crowdcube.

Backed by Japanese technology group Glory, OneBanx has developed a low-cost pop-up kiosk which could replace bank branches in towns and communities where conventional bank branches have all but disappeared.

The company currently has four operational sites across the UK, comprising three Co-op stores and a pop-up for TSB. It also has a contract with Newcastle Building Society, installing software that allows customers to access their accounts at other banks that have quit the high street.

Previously known as OneBanks, the company exceeded its £.25 million target on Crowdcube, selling 9.22% of its equity at a pre-money valuation of £12.6 million.