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The iCashly finance management app campaign overfunds within an hour of launch

iCashly is a new finance management app that is about to be launched, after succeeding to overfund the crowdfunding campaign goal on CrowdFundMe. The services and products are provided through machine learning and AI systems, with the aim of simplifying the final customer’s approach to finance as much as possible. Currently 2,700 people are on the waiting list for the launch of the app.

Andrew Ross

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The personal finance management app campaign for bank customers, iCashly, launched last Friday, July 31st,  a crowdfunding equity campaign on the Italian portal CrowdFundMe, which was overfunded within an hour of launch. This was announced by Salvatore Gervasi, co-founder of Rigsave spa (holding company headed by Rigsave Tech, which is developing iCashly), on LinkedIn. 

The iCashly campaign, with a pre-money valuation of $8.89 million (€7.5 million) and a minimum collection target of $118,000 (€100,000), has already collected $165,000 (€140,000), with an overfunding of 140%.

At the end of the financing round, the company will begin the procedure with the Bank of Italy to be authorized as a payment institution allowed, among others, to the activities of AISP (Account information services providers) and PISP (Payment initiation service providers) as required by PSD2, the European Directive on digital payments.

The equity crowdfunding campaign was launched after the partnership with Banca Sella for the offer of external asset management services to Rigsave Capital clients in recent months. As early as last May, Rigsave Tech had envisaged the launch of an equity crowdfunding campaign, mainly aimed at raising awareness of the fintech company and its app.

Find out more about iCashly and the crowdfunding campaign the company started on CrowdFundMe, with the Born2Invest mobile app. Read the latest business news in the world with our companion app.

The iCashly app makes it possible to manage personal finances and use Rigsave Capital’s investment services

The services and products are provided through machine learning and AI systems, with the aim of simplifying the final customer’s approach to finance as much as possible. The app is in the prototyping phase and a demo has already been launched for illustrative purposes. With the app the costs of distribution and placement of the products will be zero, which will be accessible not only to HNWI, but also to affluent and retail customers. 

As far as investment services are concerned, iCashly will work with an already authorized and licensed partner, namely the asset management company Rigsave Capital. In addition to these activities, iCashly wants to propose itself on the market as a hub for the management of personal finances. For this reason, the platform, thanks to AI algorithms, will integrate highly evolved and customizable Savings and Budgeting functions. Currently 2,700 people are on the waiting list for the launch of the app.

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Rigsave Capital is an asset management company based in Malta

Rigsave Tech srl is owned by Rigsave spa, the newborn holding company of the group to which also the Maltese asset manager Rigsave Capital Ltd belongs. The latter is the manager of the Luxembourg-based Rigsave sicav sa and Rigsave Absolute Alpha Fund (RAAF). Rigsave spa aims to land on the stock exchange by the end of 2021 and to launch iCashly by the first half of 2021. The company is headed by Salvatore Gervasi, Michele Basilicata, and Giovanni Gervasi and has already raised over $1.78 million (€1.5 million) from 120 shareholders through its personal network. To date, the entire group has 16 employees and external collaborators and plans to hire a further 30 commercial and operational staff over the next 2 years.

Rigsave Capital Ltd, based in Malta, is an asset management company, authorized by the Malta Financial Services Authority (MFSA) and under the freedom to provide services by the Bank of Italy and seven other supervisory authorities for financial intermediaries in Luxembourg, Germany, Spain, Portugal, the Netherlands and France.  

The company offers personalized asset management services, with a focus on structuring financial products tailored to the needs of individual and professional clients. In particular, it is the manager of the RAAF fund (acronym of Rigsave Absolute Alpha Fund), a closed-end investment fund, established as a Special Limited Partnership, whose general partner Rigsave Capital, into which the capital raised through a bond issue of the Pareto Securities securitization SPV, established in 2017, was paid. The issue in question is a $296.5 million (€250 million) performance linked bond maturing in September 2024, which was listed on the Vienna Stock Exchange in September 2019. Each month, if the NAV of the fund shows a positive performance, it is distributed, through a coupon, 70% to bondholders, and 30% to Rigsave spa shareholders.

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(Featured image by cuncon via Pixabay)

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Andrew Ross is a features writer whose stories are centered on emerging economies and fast-growing companies. His articles often look at trade policies and practices, geopolitics, mining and commodities, as well as the exciting world of technology. He also covers industries that have piqued the interest of the stock market, such as cryptocurrency and cannabis. He is a certified gadget enthusiast.