Monday, 18 July 2016

Beauhurst recommend Droplet as fintech success





We found this published by Beauhurst here - supposedly a fountain of knowledge in the fintech sector. They selected only 5 to write about. They should have known that Droplet had failed to raise funding before they wrote this in March 2016. That failure indicated Droplet's demise and ultimate collapse just 3 months later.

If you are still watching the space as they recommend, the telly has been turned off.

Just goes to show you cant trust anyone or anything - except your own judgement!

Back in June 2013, Mashable published a list of the UK's top 25 tech startups, notably highlighting that the UK’s innovation ecosystem was not solely confined to the then burgeoning London startup scene. But which ones made the cut?

Droplet 
What does it do? 
Droplet is a mobile payment and loyalty app which allows indie businesses to build better customer relationships. The app allows users to pay without queuing, and to collect rewards as they do. But businesses are winners too, as Droplet operates on a fee-free transaction basis.
Where was it then?
Droplet was a pretty savvy bet by Munford, considering the startup had then completed just one unannounced equity deal for a paltry £50k. That said, it was at a relatively sizeable £1.1m post-money valuation. 
What’s changed?
The fin-tech startup has gone on to secure a further 4 rounds of equity finance since June 2013. And this doesn’t include the company’s second Crowdcube campaign, which is currently live and set at £450k. 
Who’s funding?
Ascension Ventures, Finance Birmingham, Crowdcube
What does the future look like? 
Stephen Aquarone, Droplet founder and CEO, says: 
“We’re at the stage where we’re very nearly ready to raise the sort of money that powers the likes of Deliveroo. Once the growth is predictable, larger financiers come in to speed it up, which is how challenger banks like ours get so big, so fast”. 
Well, you heard him – watch this space…

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