Tallinn’s cryptocurrency investing platform for retail investors Change Invest has closed a €3.7 million crowdfunding round that saw a buy-in from 50 private investors. Change reports that the round was oversubscribed within the first 48 hours, notably most being return investors. With this raise, the startup now has a valuation of €175 million. Change is reporting that the fresh funding will be used to foster team growth and firm up plans for foreign expansion.
Founded in 2016 by Gustav Liblik and Kristjan Kangro, Change recently saw its 85,000th verified customer pass through the doors, a figure up 190% year-over-year, and €850 million in assets traded on the platform. Double 85’s, there must be some numerology going on here?
But let’s address the elephant in the room here; there are plenty of crypto trading/investment platforms, and one that, let’s be honest, doesn’t need any more ink. What sets Change €175 million apart?
Kangro explains, “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.”
In addition to dead-simple operation (think of Change as your entryway, or Crypto for Dummies), independent funding and community-driven ethos, Change is one of the very few trading platforms that charge absolutely nothing for bitcoin trades.
To date, Change has brought home over €18 million in funding and is backed by 7,000+ private investors including 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.