FundedByMe implements Stripe, the largest Payment Service Provider globally
During 2018 FundedByMe has invested time and funds into the improvements of the digital platform fundedbyme.com to prepare for growth and to accommodate the regulatory demands in the countries it operates. The platform now announces that one of those improvements is the implementation of Stripe as a payment provider, a tool used by other companies such as Amazon, Google, Expedia, and Nasdaq. This to solve the complexity of the numerous smaller transactions in equity crowdfunding. During 2018 the smallest investment on the platform was €10 and the largest over €150,000, where the median is approx €500 and the average investment approx €1700
This implementation is aimed to increase the volume of the smaller transactions and decrease the drop-off rate that all equity crowdfunding platforms experience when using bank-to-bank transfers.
“FundedByMe has implemented Stripe as a payment service provider with the aim to simplify the investment process and provide more transparency to entrepreneurs that are running campaigns on FundedByMe. Implementing the largest payment service provider feels like a big milestone for us. In Sweden, unregulated markets have had big question marks around them until March of 2018 when the Swedish Finance Department released their results in the 500-page investigation on Grassroots funding.” says Arno Smit, co-founder and Head of Product.
FundedByme has implemented and tested the new Payment Service Provider and will gradually begin to roll it out for the majority of the client-cases in 2019 in almost all markets.
Stripe is a technology company that builds economic infrastructure for the internet. Its software allows individuals and businesses to receive payments over the Internet. Stripe provides the technical, fraud prevention, and banking infrastructure required to operate online payment systems. Stripe Connect provides a complete set of building blocks to support any business model, including on-demand, e-commerce, crowdfunding, and events. With Stripe, FundedByMe can accept payments from 135+ countries.
FundedByMe AB (publ) is as of 8th of March a listed company on NGM Nordic MTF. FundedByMe AB (publ) is a parent company consisting of FundedByMe.com and Feminvest - probably the largest female network of investors in the North. Laika Consulting AB is a fully owned subsidiary that offers Investor Relations as well as marketing and financial communication. The company also has 6 joint ventures in Finland, Malaysia, Dubai/UAE, Poland, The Netherlands and Singapore. The company has business license in Malaysia (equity and P2P/P2B) and in Dubai/UAE (equity crowdfunding license as well as license to uphold client accounts). Together the group reaches over 269.000 registered investment members globally. The company’s shares can be found at for example Avanza (FBM MTF B) or Nordnet (FBM MTF B).