Meet the Sydney fintech with a peer-to-peer money platform based on gold

Picture: Getty Images
  • SendGold, an asset-based peer-to-peer digital money platform, has launched an equity crowdfunding campaign to raise $2 million.
  • The fintech is an alternative to bank money, allowing customers to save, invest, gift and pay using gold.
  • The equity crowdfunding offer is live via the OnMarket platform until September 14.

Australian fintech SendGold has established an alternative to keeping your money in banks, a peer-to-peer platform based on gold.

The asset-based digital money platform allows customers to save, invest, gift and pay using gold.

The Sydney based started, which has already attracted $2.3 million investment from high net worth investors, has launched an equity crowdfunding campaign to raise another $2 million.

The platform is targeting Asia’s fast-growing and increasingly wealthy middle class.

It was common until the 1930s for currencies to be backed by mountains of physical gold kept in national vaults. Since then paper money has relied on the fact that it is backed by the deep pockets of governments.

SendGold customers become the outright owners of 99.95% pure physical gold bullion, stored in high-security vaults in Australia and insured against damage or theft by Lloyd’s of London.

Users can save their gold for investment or can send it as a payment or gift anywhere in the world as easily as sending a text message.

“We believe the world’s current money systems are based on technologies and institutions that are outdated, expensive and slow,” says co-founder and CEO Jodi Stanton.

“It can still take days to send funds to another country even with a global internet and 6 billion mobile phones in people’s hands.

“Bank currencies tend to lose their buying power, especially in Asia, the company’s target market. Money is one of the last major domains awaiting an internet upgrade.”

She says SendGold is peer-to-peer, instant, and global like Bitcoin, but is based on a real asset — gold — that is simpler to understand, simpler to secure, and less volatile.

SendGold is currently live in various forms in India, Australia, India, New Zealand, China, Vietnam, Indonesia, Hong Kong, Singapore and the Philippines.

Its app has been downloaded 7,000 times.

SendGold plans to spend the funds raises via platform OnMarket, which earlier this year gained one of the first seven licenses to run crowdfunding, on growing grow the team, further developing the platform, and driving customer and business acquisition.

Equity crowdfunding enables Australian retail investors to invest as little as $50 or as much as $10,000 in a business.

The SendGold equity crowdfunding offer is live via the OnMarket platform until September 14. SendGold is targeting a minimum raise size of $500,000, and a maximum of $2 million. The minimum bid size is $250.

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