Lifetise surpasses fundraising target of £250,001
- Lifetise is raising a quarter a billion for product development, growth and expansion.
- The UK financial planning firm has so far surpassed its target by more than £3,000 amid an economic slump.
- As of this morning, the fundraising window was still open to interested investors.
Award-winning financial planning platform Lifetise is crowdfunding to raise £250,001 in exchange for a 5.88% equity stake in the company. But as of this morning, the UK start-up had already surpassed its targeted amount by more than £3,000.
The financial planning firm was valued at £3,999,888 before the fundraiser and at the time of publishing this brief, about 5.96% of its equity had been taken over by a new crop of investors. It remains unclear as to when Lifetise will close the fundraising window but interested investors can still make their placements through Seedrs, a crowdfunding tool.
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Lifetise, which claims to gamify financial planning scenarios for its users, was established in 2015 and has so far managed to carve itself a name as one of the industry’s most influential Fintechs and last year, the firm was chosen for Accenture’s FinTech accelerator.
Lifetise is currently negotiating with one of the UK’s top banks for licensing to enable them to merge their services with key banking functions, according to the company’s co-founder, Nick Wasmuth.
“We make it really easy to work out how much you should be spending and how much you’ll need to save. Plus we guide you step-by-step through the whole process. It’s all about taking away the uncertainty you might feel about the future. And giving you the tools and information to help you feel confident about making financial decisions,” said Wasmuth.
“Now we’re building the full platform that will allow you to plan all your major goals over an entire lifetime, playing out different scenarios to see what works best for you. To our knowledge, what makes us so unique is that we’ve designed Lifetise in a very game-like way.”
According to Lifetise, the raised funds will be used as follows:
57% – Product development. Hire additional developers to help remodel the platform to suit a wide range of financial needs.
32% – Growth. Position the company as the go-to consumer brand while building a substantial online presence.
11% – Operating costs. Business running expenses including regulatory, accounting, and administrative costs.
Away from crowdfunding, Lifetise is also currently running a program dubbed ‘Coronavirus Money Help’ to help financially distressed persons get through the pandemic.