Cringle, a German fintech company developing a mobile application for transferring money, is 474% overfunded 53 days before the end of its campaign on German-based equity crowdfunding site Companisto.
The company, valued at 4.1 million euro, is offering 8.89% of its shares and has set an investment threshold of 100 000 euro and a funding goal of 400 000 euro. So far it has received 474 570 euro from over 1000 investors.
Cringle was founded in 2014 with a 100 000 euro grant. Later in the year the company received 500 000 euro from an angel investor and last August got another 500 000 euro from debt financing.
In January 2016 already had 30 000 downloads. According to the latest data in Google Play, it has between 10 000 and 50 000 downloads on Android devices. By June the users of Cringle have transferred 900 000 euro.
The application lets users send money to the friends in their contact list, almost instantly. The recipient does not have to even install Cringle. The application is partnered with the German Deutsche Kreditbank AG and complies with German regulations.
Currently Cringle is aimed at the German market, as only people with accounts in German banks can use it. According to its blog, however, the company is entering a partnership with the Austrian Solarisbank and is planning to expand to Austria in 2017.
Companisto is one of the leading equity-based crowdfunding platforms in Europe. It was established in 2012 in Berlin and has attracted more than 60 000 investors from 92 countries. They include renowned business angels, corporate finance specialists and venture capital companies. The investments are between 5 and 500 000 euro and there is no limit how much a company can raise through the platform.