Minted to launch by the end of summer 2020

Monday 8 June 2020 10:06 CET | News

Minted, a UK-based gold trading platform, has announced it is going to launch during the summer of 2020.

The challenger bank launched the beta version of its platform at the beginning of May 2020. The startup plans to fully launch its web-based platform in mid-June 2020 and then the mobile app by the end of July 2020. Still, Minted's application for a licence from the UK's Financial Conduct Authority (FCA) is pending approval.

Minted buys physical gold from a number of refineries, both in the UK and Nadir Gold in Istanbul, both of which are on the London Bullion Market Association’s (LBMA) good delivery list of partners. Minted then stores gold in an independent bank-grade vault facility based in Mayfair, London. According to Salaam Gateway, Minted can also send the physical gold to any verified address in the UK upon the request of the customer.

Minted offers 12 months free insurance to users, after which they will charge from EUR 1 per month.

The company raised a pre-seed round of EUR 560.000 via a corporate investor, AE Invest, that specialises in finance, technology, and precious metals.

In addition to the gold trading platform, Minted is developing an auto-investing plan similar to that of saving and investment app MoneyBox. It also plans to launch a digital challenger bank in the first quarter of 2021. This will offer products like gold and silver and other precious metals. The startup also plans to offer a debit card around the beginning of 2021.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: UK, gold, Minted, digital bank, challenger bank, banks, digital, startup, mobile app, Nadir Gold, London Bullion Market Association’s, LBMA, Financial Conduct Authority, FCA, AE Invest, technology, MoneyBox
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech