BABB raises a $20 million funding round to build its blockchain banking platform
LONDON, March 7, 2018
BABB (Bank Account Based Blockchain) has successfully raised its target $20 million in a sold-out token sale and is poised to open its first regulated blockchain-based bank accounts before the end the year.
BABB is an FCA Authorised Payment Institution headquartered in the Level39 fintech accelerator in Canary Wharf. It is developing a decentralised banking platform to provide anyone in the world with a bank account, payment card, and access to its global peer-to-peer network, designed for people who are excluded from or dissatisfied with existing banks.
The funds raised will be used to jumpstart development of BABB’s blockchain-based banking platform, mobile banking app and decentralised payment card, the Black Card. BABB will launch its mobile app in Q4 2018, following a prototype in 2017.
The mobile app will initially offer the ability to open a bank account using face and voice recognition and make domestic and international transactions, with more advanced functionality to follow in 2019. BABB has patents pending for these key technologies, including face and voice biometrics and the decentralised payment card.
By Q4 BABB will also aim to have obtained a banking license in the UK, an achievement which will make it the first regulated blockchain bank in the world.
“We’ve got good feedback from the Bank of England and we’ve now got a second stage meeting with them to go through our business plan and explain how BABB is going to comply with regulations and meet our own objectives” said Paul Johnson, BABB CIO and veteran of Lloyds Bank and Aldermore Bank.
BABB begins its product development with a strong support base. More than 10,000 people took part in the token sale to fund BABB, and the project already has a following of almost 50 000 people from 176 different countries around the world. Given BABB’s ambitions to provide banking services to financially excluded individuals and businesses across the world, this engaged global community is one of its strongest assets.
“We are a global company with an international outlook, and the warmth and support we’ve received from people across the world has been hugely encouraging,” said Rushd Averroes, founder and CEO of BABB. “We’re lucky to have a thriving community of people who are excited to open an account with us and who can guide us as we grow.”
BABB is the World Bank for the microeconomy; a decentralised banking platform leveraging blockchain, AI, and biometrics to provide anyone in the world with access to a bank account for peer-to-peer financial services. With a mobile app and payment card independent of Visa and MasterCard, BABB will offer globally connected banking to those who are excluded from or underserved by traditional banks.
There are more than two billion people in the world without a bank account, and it’s not viable for the traditional banking system to serve them. BABB takes a new approach, using new technology, to give its customers the opportunity to crowdsource financial services and completely remove the need for banks as we know them, all via self-executing smart contracts. BABB is an FCA Authorised Payment Institution and aims obtain a UK banking license by Q4 2018.