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Crosspay’s mission is to make international money transfers simple and cheap. Within 3 years the company has powered over 50,000 transactions at competitive rates and this year it has been invited to partner on an Innovate UK project to continue pioneering. Crosspay generated a profit in Q3 2020 and is now aiming to scale.

  • 10,000+ users and rated ‘Excellent’ on Trustpilot
  • Available in all EEA countries to send money to 50+ countries worldwide
  • Expanded into charity payments and B2B whitelabel solutions
  • Global issue: the United Nations has set a global target to reduce remittance fees to 3%

Idea

“Expensive, frustrating and slow” is often what it’s like to send money internationally today. Crosspay was founded with a mission to make remittance simpler and cheaper.

In 2017 we built our own proprietary system to power international transfers at a fraction of the cost. We launched our beta website and app in 2018 and have since powered over 50,000 transactions across 50 countries with a cumulative value of approx £32,350,000, and we’re rated “Excellent” on Trustpilot.

Every year there is more than $200bn in global remittance, yet more than 70% of the market is served by traditional over-the-counter (OTC) services. These companies pass on their higher operating costs to end-customers.

This has opened up three more opportunities for Crosspay:

- This year we launched a B2B whitelabelled solution, to offer traditional businesses lower costs and higher margins.

- We’ve developed a payment marketplace for charities, empowering their members to donate irrespective of their geography.

- We’ve created whitelabelled apps for charities and churches to host content, broadcast live and receive donations simultaneously.

We turned a profit in 3Q20* and have been invited to partner on an Innovate UK project. We are focussed on scaling the 4 areas of our business and ask you to join us.

*Based on management accounts. £370k revenue, £4k Profit between Oct 19 - Sept 20.

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Crosspay has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.