Australian fintech Rush Gold (previously SendGold) has raised a $3 million Series A
The round, led by Dragon Tree Capital, with several new backers including Andrew Barlow, Rami de Marchi, Prof. Gustavo Schwenkler, Tom Krulis and Matt Bailey hitting the EFT button alongside several existing shareholders including entrepreneur Darren Harrison.
The venture, which is building a global open API Gold Bank for savings, transactions, and lending – co-founder and CEO Jodi Stanton calls it “gold-as-a-service” – has now raised funding round, increasing their total raised $6.8 million in total.
The fresh cash will be used to expand the global distribution of Rush Gold’s platform from existing customers in the U.S. and India, to new customers in Australia, Central and S.E. Asia, and Africa, as well as for improving the digital onboarding experience for business customers.
Founded in 2016, Rush Gold’s app allows people to use gold like cash – to buy, save, transfer, gift and spend via major mobile wallets.
Last year Rush Gold’s monthly transaction volumes soared by more than 1000%. The company also launched SMSF and company accounts as well as the Rush Mastercard, in partnership with EML. The debit card enables customers to spend gold real-time online, turning gold into a digital currency.
Stanton said of the latest raise that they “are thrilled to have such experienced investors on board as we embark on our next phase of growth.”
Dragon Tree Capital CEO Stephen Roux said he was impressed by Stanton’s vision.
“Rush Gold has demonstrated a resilience and focus on digitising access, distribution and storage of gold right down to the consumer through its platform and processes,” he said.
“Rush sits with a robust system and process enabling consumers to own gold anywhere around the world as an asset, in their name, from their lounge room without wondering ‘what’s this piece of paper worth’ or other risks and issues when trading securities, currencies or cryptocurrencies!”