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Using the wrong payment cards while travelling costs Brits £1.4bn per year. VitraCash aims to offer a smart debit card and app that automatically chooses the best card for every transaction. They are now fundraising to launch their product in summer 2021.

  • Global cards & payments industry valued at $722bn, expected to be $909bn by 2023
  • Team with experience in software, management and sales
  • Aiming to launch product in July 2021
  • Algorithm is patent pending in the US

Idea

We love the convenience of cashless payments, but using our credit cards while travelling proved to be a hassle. Every card has many pros and cons, we believe it has become almost impossible to keep track of all the benefits and hidden fees.

VitraCard aims to offer an app alongside physical and digital debit cards to combine all cards a customer owns. For every transaction our AI-driven algorithm will be designed to automatically select the best card so the user doesn't have to.

Traction:

~ Our algorithm is US patent pending

~ In discussions over contracts with card issuer Monavate, US based card processor Marqeta and Acquirer CashFlows.

~ Our algorithm and app are in closed beta and we aim to launch in July 2021.

Our business model is based on interchange fees and premium subscription plans. We get up to 1.5% of the total transaction volume in interchange fees and plan to offer premium plans with additional benefits for monthly subscription fees.

The total number of issued VISA and MasterCard cards grew by 5% year on year from 2018 to 2020 worldwide and the total value of the card payment market is expected to reach over $909bn in 2023.

We’re fundraising to cover the estimated costs for our card processing and development to launch VitraCard in July 2021. Join us on our journey to build a genuinely smart card. To learn more, download our pitch deck from the documents section below.

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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.

VitraCash 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.