Estonia-based neobroker Change has secured $4.5 million from 50 private investors via a crowdfund, valuing the company at $214 million.
The cryptocurrency investing platform for retail investors, which was founded in 2016 by Kristjan Kangro and Gustav Liblik, intends to use the funding to expand its team, further develop its platform and enter European and Asian markets.
The round was largely composed of Change’s existing crowdfunding backers and resulted in it being oversubscribed within 48 hours.
According to Change, the round closed to coincide with the company reaching 85,000 verified customers, up 190% from May 2020, and the milestone of $1 billion traded since its founding in 2016.
Kangro, CEO of Change, said: “We started with a mission to empower everyone everywhere to benefit from investing – be it with cryptos or more traditional trading instruments.
“Not only did this mean creating a platform that was simple to use, but it also meant being independently funded and driven by our community.”
He added: “To see so many of our original investors from back in 2017 continuing to believe in and support us is incredibly inspiring.”
The neobroker has received backing from Roger Cook, former global CEO of DHL, and Hans van der Noordaa, former CEO of the retail division of ING Bank and chairman of Deloitte.