London-based Glint has been fairly stealthy about what it deliberate to supply, regardless of a number of funding rounds and a imprecise description that it wished to a create new “world forex” based mostly on gold. Nicely, in the present day the fintech startup is lastly de-cloaking with a staggered launch of its multi-currency account, app and card that does certainly allow you to retailer your cash in gold and convert it again to fiat forex on the level of fee.
Initially, Glint, which is regulated by the FCA beneath an e-money establishment license, is supporting Sterling and gold, with extra currencies to return. Trade charges between currencies are promised to be “the actual trade price,” and the Glint card itself is a Mastercard and subsequently extensively accepted.
Nevertheless, whereas some customers could be a part of for the low trade price and the Glint pockets’s multi-currency assist, the startup’s differentiation is in fact the best way it does in impact flip gold right into a extensively accepted world forex, albeit it by proxy.
Accessible initially within the U.Okay. and for iOS solely, the best way the app works is as follows: after getting efficiently signed up, together with passing the necessary anti-money laundering checks, you might be requested to high up your account, very similar to a lot of pre-paid playing cards. You possibly can then select to both depart your cash in Sterling or convert it into gold (and in future any of the opposite supported currencies). Then once you pay for issues with the Glint debit card you inform the app which ‘pockets’ (a specific fiat forex or gold) you wish to spend from, and Glint does the conversion on the fly, together with successfully promoting the required gold to cowl the price of the acquisition.
By way of how your gold is saved, Glint says that bodily gold holdings are legally allotted to every particular person consumer and held in a London Bullion Market Affiliation Accredited Brink’s financial institution vault in Switzerland. For the privilege, I’m informed the startup expenses an annual storage price, which is taken month-to-month in arrears.
Very similar to the argument behind Bitcoin, the broader premise is that by storing your money in gold, you keep away from the volatility of fiat currencies and manipulation from central banks. Not like Bitcoin, nonetheless, gold as a storage of worth is fairly secure and, in fact, older than even fiat cash.
In the meantime, as I’ve famous earlier than, Glint’s founders each know a factor or two about gold.
CEO Jason Cozens co-founded GoldMadeSimple.com, a web site that helps shoppers purchase and promote bodily gold and have it saved securely or delivered. He additionally beforehand based two different firms: Visuality — the place he’s stated to have pioneered Digital Actuality, e-commerce and on-line advertising, promoting to ERP software program firm McGuffie Brunton — and Chunk, a digital advertising company.
Glint COO Ben Davies is alleged to have over 17 years’ expertise inside worldwide monetary and commodity markets. He was the previous head of buying and selling at RBS Greenwich, and co-founded Hinde Capital in 2007, another funding administration firm specialising in treasured metals.
So far, Glint has raised £6.1 million. Backers embrace most lately NEC Capital Options (via its enterprise fund co-operated with Enterprise Labo Funding) and Tokyo Commodity Trade, along with Bray Capital and a lot of angel buyers from the banking and asset administration trade.