Australian Fintech Nauticus targets $25 million in equity raise
Melbourne fintech Nauticus Blockchain has targeted a $25 million equity raise to fulfill its vision for low cost, borderless financial transactions.
The company launched in 2018 and has amassed a 50,000 strong community across Facebook, Telegram and Twitter, who help guide the development of its products. Trading on its digital currency exchange went live in the fourth quarter of last year. It now offers 17 currencies and AUD with more added each week.
The funds raised will enable Nauticus to onboard 2.9 million users by 2022 and support an extensive cross-platform marketing spend, cross jurisdiction banking and financial licenses and to expand the team internationally. Conservative discounted cash flow analysis values the business post raise at $74.2 million.
“We urge people who share our vision of ethical, low cost and borderless finance to join us on this journey,” CEO Bryan Ng said.
The head of accounting firm First Accountants, Ng founded the company after watching his overseas born staff members struggle with high fees as they wired money to their families.
“Imagine what a difference it would make in a developing country if 100% of the money arrived in the local economy, rather than 90-95% after the wire transfer companies have taken their cut,” he asked.
With 280,000 accounts in 84 countries around the world, Nauticus is well on its way to becoming Australia’s first globally focused digital currency exchange.
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