Intergreatme is a regtech startup from South Africa, which recently closed its equity crowdfunding campaign on Uprise.Africa after securing $2.19 million (ZAR32.436 M) from 406 investors.
The startup developed a web and mobile app platform that revolutionizes onboarding for businesses and has digitized personal information for more than 25 million credit-active people in South Africa.
Integreatme took to Uprise.Africa on May 17 with a goal of raising $1.67 million for 20% equity in its shares. In six days, the campaign received $1.98 million (ZAR28.5 m) from 169 investors.
It closed the campaign shortly after hitting the ZAR32 million mark, but in return, it forfeited 25% of its equity to the investors. Integreatme says the money raised will be put towards creating a self-service platform for SMEs and adding more features and functionalities to its mobile app.
Some of the new features and functionalities said to be currently in work includes a digital affidavit, QR information sharing, driver’ license, digital ID, and trusted connections.
Three years ago, Intergreatme was started with a purpose to solve a real problem that affects millions of people in South Africa and billions globally.
There are stringent regulations for accountable institutions. Standard Bank received a R60m fine for lack of FICA compliance and MTN got a $5.2bn fine in Nigeria for lack of RICA compliance. And so, in 2016, the penny dropped for Founder, Luke Warner, on how to monetize Intergreatme. By focusing on the business need to validate and verify the personal information of consumers. Intergreatme could remediate FICA/RICA challenges on a business’s behalf, and charge per verified user.
The market in South Africa consists of 25 million credit active people, and 5 billion globally. Using the assistance of the crowd, we will expand to serve this market demand.