London fintech VitraCash gets £330K in seed funding for its smart AI debit cards
VitraCash is a London fintech uses Artificial Intelligence to change the way people pay for goods and services. The company has just secured £330K in a pre-seed funding round from almost 1,000 different investors to launch its first-of-its-kind smart debit card in the third quarter of 2021.
VitraCash is in active discussions with VC funds to lead a bigger seed round early next year. “Together with all the terrific investors from CrowdCube and our huge waitlist which we are still ramping up, we will make a statement in the FinTech space with our launch. We are confident to reach a very high number of users until our next funding round,” said Koray Koska, CEO of Vitracash.
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This investment came after launching their Crowdcube campaign last month, wherein they achieved the target within a few hours. In fact, VitraCash raised almost seven times the intended amount. “We could have never imagined that the campaign would be this successful and it gives us a lot of hope for our launch and the future of VitraCash,” said Koska.
Eyes to launch this summer
VitraCard was established by Ben Koska, Florian Winkler, and Koray Koska in 2020. The company is slated to launch in the summer of 2021. In the first months, it will be available as an invite-only service, wherein CrowdCube investors will be given the exclusive right to invite new people. Following this, the system will be available for the public in the fourth quarter of this year.
With the VitraCash app, users can connect all of their payment methods. When they pay with their VitraCard debit card, its AI-based technology selects the best card for every transaction, considering elements such as FX rates, cashback, insurances, and more. Eventually, the fintech creates a seamless payment experience for its users.
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“After spending a lot of time traveling the world, our team noticed the absurd fees that were charged for foreign exchange and ATM withdrawal,” said Koska. “We also often traveled with a lot of different cards each offering amazing features such as no ATM withdrawal fees or better FX rates but trying to figure out which card would be the best for every transaction was impossible. That’s what inspired us to create VitraCash.”
