SPARQ would like to formally announce that we have begun looking for investors for our personal finance platform as we look to launch our highly anticipated MVP in the first quarter of 2021.
The SPARQ platform provides the tools, knowledge and experience to help the young people of today face and overcome the very real problem of struggling to understand and manage their personal finance. SPARQ’s vision is to take a data-driven, gamified approach to create a culture of effective money management for Millennials!
SPARQ is looking for an investment of approximately 1 million EUR with a pre-money valuation of 4 million EUR.With the current cash burn, the company’s runway is up to April 2021, so we plan to close our seed round at the beginning of 2021.
There is excited expectation about the launch of our MVP during the first quarter of 2021, with an estimated 7000 early adopters by the launch date.
SPARQ works on a freemium model with our standard card users enjoying amazing benefits including Free ATM withdrawals up to 400€ monthly and transactions to other European banks up to 3000€ per month for free. Meanwhile, our QPass users will enjoy a whole host of benefits such as transactions to other European banks up to 5000€ per month for free as well as free ATM withdrawals up to 2000€ monthly.
Nikolajs Petrovics, CFO
We are extremely excited about our upcoming MVP launch to market early in 2021. As 2020 draws to a close, it looks like we will have 7000 early adopters by the first quarter launch date. Now is a fantastic time for investors to get on board with us as we enter this thrilling stage in our journey.
Plans for roll-out in the MENA and CEE regions are underway through a joint venture with global investment conglomerate Dubai Holding.
Strategic investment sets the stage for expanded future omnichannel merchant acquiring capabilities for European SMBs, value-added services and payments innovation.