Fintech group Glint, the company behind the app that enables people to load credit in various currencies which can then be used to buy a portion of a physical gold bar, is now entering the US market with its alternative to banking.
Glint’s platform enables gold to be used as money and provides customers with direct deposit and debit card transaction processing. When the app first entered the UK market, the company partnered with Lloyds Banking Group and Mastercard. Now, for the venture in the US, Glint has announced an agreement with Sutton Bank, for Mastercard issuing, and Galileo Processing for its card and ACH processing.
Sutton Bank is a top 15 US prepaid issuer, offering progressive and innovative card and payment solutions. Galileo is an industry leader in technology, fraud detection offerings, security, decision-making analytics and regulatory compliance functionality. Its platform will provide Glint with direct deposit and debit card transaction processing.
Ben Davies, Chief Operating Officer and Co-Founder, commented:
“We are so delighted to have partnered with Sutton Bank and Galileo Processing. It’s been an invigorating experience working with leaders in the US innovative payment sector. With their expertise, we aim to provide everyone in the US the chance to use a safe and independent money, that of gold; just as we are doing in the UK and Europe.”
Since launching in December 2017, Glint has exceeded its original target of 20,000 registered customers with a Glint card. Its multi-currency wallets include EUR, USD, GBP, and Gold, which can be spent through the global Mastercard network using the Glint card. The mobile app is available for Android and iOS.
Founded by Jason Cozens and Ben Davies, the company is backed by investors in the UK, Europe, Japan, and Canada, including names such as IT specialist NEC Capital Solutions and the Tokyo Commodity Exchange, Japan’s largest commodity exchange.
The company is currently raising Series A funding on Crowdcube, having reached their initial crowdfunding target of £1.25 million in just 72 hours. This raise is part of a wider plan to raise £15m in total to fund Glints growth plan. Glint is in discussion with a number of investors to secure this.