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21:00 BST, May 4, 2020
What is Research and Development Finance?
18:20 BST, May 5, 2020A brand-new United Kingdom based bank Qazikoo, is gearing up to embrace the current trend in customer demand for high speed digital multi-currency transactions. It’s a massive undertaking, but this up and coming company has turned heads by securing £9million in seed funding and choosing to raise equity funds through the UK Government’s Enterprise Investment Scheme (EIS).
According to the UK Government: “EIS is designed so that your company can raise money to help grow your business. It does this by offering tax reliefs to individual investors who buy new shares in your company.”
EIS GIVES VALUABLE TAX BREAKS
The EIS was set up by the UK in 1994 to encourage investment in newly-formed businesses by offering various forms of tax incentives and capital protection. According to a company release, investors can invest in Qazikoo, a unique fintech that merges technological innovation with sound financial practices. The advantages include income tax relief of up to 30% of your investment capital; the opportunity to defer capital gains tax liability and no inheritance tax liability. Both small and large investors can partner with EIS with confidence.
Images sourced from https://www.qazikoo.com/
EIS AND INVESTORS LEAD QAZIKOO TO SEPTEMBER LAUNCH
With the help of EIS and investors Qazikoo’s ability to raise funds is moving this ground-breaking fintech toward Unicorn status. Company statements suggest that the prestigious designation means that the privately-held new company will be valued at over $1 billion (USD). This is a priority in order to serve customers who are increasingly demanding fast, accurate and secure global currency transactions. Qazikoo is expected to launch in September to a huge financial sector fanfare.
QAZIKOO IS CHALLENGER BANKING –UNSETTLING TRADITIONAL BANKS
According to company statements and its website Qazikoo Bank has been called a challenger bank as it is “disrupting the banking industry” by ushering in “a new era in digital banking.” Qazikoo’s military grade secure app with high level encryption, will permit account holders to make instant local and international payments in 25 currencies from a personalised card. If the customer desires, accounts can be linked with other Qazikoo accounts for quick transfers and receipts.
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Interesting related article: “What is a Challenger Bank?”