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Blockchain banking firm BABB has successfully completed its equity crowdfunding through Crowdcube, raising more than £1,400,000 from 1,232 investors.

The funds will be used to support BABB’s applications for banking licences in the UK and Lithuania.

BABB is building a decentralised platform using blockchain and biometrics technology, to provide mobile banking services to “empower the global micro economy” and “tackle one of the world’s biggest challenges: how to effectively connect unbanked people to the economy”.

A Crowdcube campaign was launched in June, and followed the successful sell-out of BABB’s token sale in February, which raised $20 million from 10,000 people across 146 nations.

Rushd Averroes, Chief Executive Officer at BABB said, “This funding marks another critical milestone as we move towards our goal of improving lives and livelihoods and creating new opportunities for individuals and businesses across the world.

“Millions are excluded from, or dissatisfied with, existing banking institutions. We’re determined to change the industry, to make banking fair, inclusive and globally connected. We plan to do this by ripping up the rulebook on how to build a bank, whilst remaining fully compliant with all regulation. By combining blockchain technology, biometrics and artificial intelligence, we are creating the future of banking, radically different from what the world has seen before.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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