Fintech SendGold grows 819% and lands major platform customer, Xoxoday
World-first Gold as a Service (GaaS) platform SendGold has partnered with global loyalty and rewards platform, Xoxoday, to give its 1,000+ corporate customers, with millions of members across 70 countries, the ability to exchange their reward points for fully-owned gold bullion.
Since COVID-19 hit in January, SendGold’s transaction volume and average transaction size surged by 819 and 311 per cent respectively, as investors flocked both to gold and to online trading platforms in record numbers.
SendGold founder and CEO, Jodi Stanton, believes this is just the beginning, with gold up 29 per cent in AUD over the last year, and previous gold bull markets seeing triple-digit percentage price gains.
“The lucrative global rewards market presents a significant opportunity when combined with the enormous potential and growth of gold,” said Ms. Stanton.
“We already have the world’s largest cloud-based rewards platform, Global Reward Solutions, as a customer, which has helped us refine how our platform integrates and adds value in the rewards sector. Signing with Xoxoday, the 9th fastest growing tech company in India, is a great example of how our platform offers Gold as a Service via industry-standard APIs.
“In the new world of open APIs where borders are irrelevant when it comes to e-commerce partnerships, the opportunities for accelerated global growth are almost limitless.
“This is being further fast-tracked by the convergence of multiple megatrends such as a growing P2P economy (including small business), mobile payments, distrust of banks, high cross-border FX fees, mobile payments and the gamification of financial services.
“We developed SendGold to bring gold into the digital age and repurpose it as a simple tool for increasing financial wellbeing. This accessible, portable, liquid and customer-led proposition has clearly resonated with the markets,” concluded Ms. Stanton.
The global loyalty management market size is expected to grow from USD 6.8 billion in 2019 to USD 10.9 billion by 2024, at a compound annual growth rate of 10.1 per cent during the forecast period.
The global gold investment market is valued at $288 billion per annum, and gold trading volumes are 25 per cent more than the S&P 500. Last week gold prices breached USD 1,800.
SendGold’s P2P gold investment app is already live and serving individual investors, SMEs, SMSFs and trusts in 12 countries. Its GaaS platform is also taking gold into other large new growth markets, such as online gifting ($45 billion), Chinese New Year gifting ($130 billion), gaming ($135 billion), and global digital remittances ($720 billion).
SendGold has already transacted over $4 million and previously raised $4 million in equity from Australian and US investors. It’s currently raising a Series A round and recently launched a product for SMEs and SMSF trustees to invest and transact directly in gold with larger transaction limits.