Droplet to shake up payments sector after hitting crowdfunding jackpot

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Droplet, a mobile payment start-up has secured valuable funds via equity crowdfunding platform Crowdcube and will now challenge established payment firms.

The mobile payment company prides itself on having a mobile payment app that is completely fee-free for its customers.

The £575,000 investment from crowdfunding site Crowdcube has pushed ahead plans to develop a brand new smartphone application aimed at businessman, but will include additional extras that will have to be paid for.

‘‘Droplet is founded on the belief that you can do payments differently, with absolutely no transaction fees for merchants or consumers. We are the only payments system in the world to take that approach and I think the attention and funding we’ve gathered on Crowdcube shows how much people like that idea,’’ said Steffan Aquarone, CEO and co-founder of Droplet.

The London-based firm resisted using the conventional method of raising funds through a corporate lender, and instead relinquished 12.5 per cent via Crowdcube. Over 300 investors were involved in the process .

‘‘It’s a painful pill for the big players in the industry to swallow but in today’s world, people won’t do what their bank tells them to do. We’re now looking forward to using the funds raised to help further disrupt the payments industry – it certainly needs it, ’’ continued Aquarone.

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