Unbanked goes crowdfunding to build global bank on blockchain
Unbanked, a start-up banking service in the US, is raising funds on crowdfunding platform Republic. So far, it has attracted nearly $1.5 million from 1,500+ investors. The round closes on 26 April.
Founded in 2018 by Ian Kane and Daniel Gouldman, Unbanked says it is building “a global neobank platform on blockchain technology”. It previously raised $1.4 million in two oversubscribed rounds.
Unbanked offers an app-based bank account that comes with a debit card. Evolve Bank & Trust underpins the account services.
“Unbanked is often compared to other crypto card companies, but our product is so much more than that,” the start-up states.
“Like traditional banks, we offer bank accounts that hold cash and debit cards for spending; but like crypto companies, we enable those bank accounts to buy and withdraw crypto, or to use that crypto and spend it on a debit card,” it explains.
“Our long-term vision is more competitive with Revolut or Coinbase, but with a business-to-business (B2B) focus: enabling other companies to have their own crypto-friendly fintech offerings to their customers, including cards and bank accounts.”
The company is registered with the SEC and Fincen in the US and is open to US residents. It also has ambitious plans to “enter into as many global markets as possible” across the Americas, Europe, Middle East, Africa, and Asia Pacific.