Sunday, 22 May 2016

Crowdbnk make themselves look very foolish

The New Craftsmen (NC) has been a subject of several posts here - rather too many in fact.

Crowdbnk purports to be a serious platform for serious investors - not the Woolworth type offer you get from Crowdcube.

So we have ask, why are they making such an ass of themselves over this company?

NC raised money on Crowdcube then decided to switch horses and raise another round on Crowdbnk. Having delivered figures some way off their Crowdcube projections, the original raise of £1m to £1.5m on Crowdbnk, which launched in February this year, was very slow. In fact it was so slow that, despite Crowdbnk emails promoting its success at 'over 50% completed', it has never moved from its initial 14 investors. A cunning rouse was for Crowdbnk to reduce the target - to £750k so that now the same 14 investors have achieved 75% of said target.

This reduction came in March, but as of today the same 14 lonely souls are still the only takers. Apparently the pitch has only 9 days left. Given that this must be the nth time it has had only 9 days left I think we can ignore this prompt.

This manipulation and nonsense just makes your platform look worse than Crowdcube's. Either take off the time limit or stick to it - I'm sure the FCA would have something to say about this being highly misleading. Mind you, they might think the same about bringing the target much closer without telling punters that this is what you have done. Reliance on the overfunding button is an issue the FCA needs to address.  

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