Banking startup BABB raises £1.4 million

BABB, a blockchain-based FinTech targeted at ‘the unbanked’, has raised £1.4million in its latest funding round on Crowdcube.

The startup, which is hoping to acquire banking licences in UK and Lithuania, raised the money to support its applications following donations from 1,232 investors.

BABB, which is developing a decentralised and app-based platform based on blockchain and biometrics technology, hopes to secure a banking license in order to provide peer-to-peer banking services to the global micreconomy, specifically individuals and businesses who have yet to open a bank account.

The company has opened a waiting list for its app, which - if a licence is obtained later this year - will offer a range of services including the ability to open a bank account and make domestic and international transactions with more advanced features expected in 2019.

The company’s Crowdcube campaign was launched in June and followed the successful sell-out of BABB’s token sale in February, which raised $20 million from 10,000 people across 146 nations.

Rushd Averroes, chief executive at BABB said the company combines the use of blockchain technology, biometrics and artificial intelligence to develop innovative banking technology.

He added: “This funding marks another critical milestone as we move towards our goal of improving lives and livelihoods and creating new opportunities for individuals and businesses across the world."

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