Below is the full press release that was publicly shared today. Hot off the presses!
Click here for the release on BusinessWire.
Click here to read the first article by Kitco about the news.
LONDON, June 13, 2019
Glint Completes £5 Million Private Placement &
Welcomes Sprott as Strategic Investor
Funding Allows Glint to Embark on U.S. Expansion, Giving U.S. Clients Ability to Buy, Sell and Transact in Gold Via the Glint MasterCard and App
Glint Pay Inc (glintpay.com), the first-mover company that enables physical gold to make instant payments using a debit Mastercard, today announces the completion of a private placement of £5 Million in London-based parent Glint Pay Ltd (“Glint” or the “Company”). The financing was led by Sprott, an alternative asset manager and a global leader in precious metal and real asset investments, with approximately $8 billion in assets under management.
Founded in the UK in 2016, Glint established the first app based account in February 2018 that gave clients in Europe a low cost way to buy, sell and save physically allocated gold and for the first time instantly spend it via the Glint Mastercard anywhere in the world Mastercard is accepted. It then added multiple currency wallets, including USD, GBP and EUR, in July 2018. The Company is currently working on its launch into the US. The Dollar and the Pound have both lost more than 85% of their purchasing power over the last 50 years whereas gold’s purchasing power has increased by over 470%. Glint’s transactional gold currency account offers users the ultimate form of money, insulating them from the destructive effects of inflation and protecting them from the systemic risk of future global financial crisis.
Jason Cozens, Founder & CEO of Glint said: “Sprott is a leader in the gold industry and are best-in-class investment specialists for precious metals and real assets investment strategies. This financing provides the Company with the financial resources to launch in the USA and bring our gold-based debit card and personal gold standard to all U.S. consumers.” Cozens continued: “Sprott’s investment and partnership is both a validation of Glint’s platform and demonstrates gold’s important role within the 21st century’s global monetary system.”
Sprott becomes one of the Company’s most prominent shareholders, joining a number of existing investors and new High Net Worth individuals in the U.S. and Europe, who have participated in the Private Placement, to bring the total invested to £5 Million.
Peter Grosskopf, CEO of Sprott, explains the rationale for the investment in Glint: “Sprott is committed to being at the forefront of innovation in the gold market by supporting initiatives that make gold quicker, easier and more cost effective to use as a means of paying for goods and services. The Glint Mastercard and its physically-backed storage account are groundbreaking technologies and Sprott is pleased to participate in the launch of Glint.”
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Glint is a FinTech business operating a multi-currency account and debit card that uniquely enables gold to be used as money. Its vision is a world where everyone has an equal opportunity to prosper. Glint is on a mission to provide everyone with a reliable form of money. Glint, in partnership with Mastercard, enables clients to save, exchange and spend physically allocated gold, and other currencies, anywhere in the world where Mastercard is accepted. Glint’s clients know their gold is secured in a Brinks Vault in Switzerland and insured by Lloyds of London. Gold, and all currencies purchased via Glint, are in safeguarded and segregated accounts. Already available in Europe, Glint started issuing its debit card to clients in February 2018 and is set to launch in Canada, Japan, Scandinavia, and the USA in 2019. The Company has tens of thousands of clients and operates primarily through Glint Pay Ltd, Glint Pay Inc., Glint Pay UK Ltd and Glint Pay Services Ltd. Gold is the world’s alternative to government-controlled paper money and is a secure and globally accepted form of payment. Glint is a tangible alternative to cryptocurrencies, because it allows access to physical gold and permits instant gold-based purchases. Glint interacts with the global banking system and is a form of instantaneous payment for goods and services.
Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Lending, Managed Equities and Brokerage. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSX:SII). For more information, please visit www.sprott.com.
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