Launch?

Hi all, been a while since I’ve been around here. Can’t see any updates on launch dates still? Thought the plan was to release H2 2019.

Has there been any updates since?

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Hi @Lew, :wave:

We’ve shared a couple of updates re our launch, but as a quick recap, our round with Seedrs was delayed which affected our licensing, as we required those funds to apply for our license with the Bank of Lithuania - there’s a regulatory requirement of a minimum of EUR50K to apply for the Class C License. We submitted our license application in December - the process takes up to 6 months, with the average being 3 months.

To give you a current update. So far, the feedback from the Bank of Lithuania on our license application is positive, but, with COVID, there is an understandable delay from their side. We don’t expect this to be significant.

Further, we see an opportunity in light of COVID to enter the UK and continue to bring education to investors, especially as the capital markets are volatile and people look for opportunities and a level of certainty.

In short, we’re bringing forward our ‘brexit’ strategy and our UK license. This is also a hedging strategy against any delays with our EU license as a result of covid, and giving us a backup plan to extend our runway if we need to draw down our authorised capital to hedge against a ‘no raise’ or ‘lower raise’ scenario as we start to draw closer to our next raise during this time of uncertainty with covid.

Currently, you may have read that VC’s have been changing their terms and withdrawing their term sheets with startups - this is because part of a VC funds investment fund is reserved for follow-on investments. Due to covid, these funds are being reserved for bailouts of their current portfolio companies rather than follow-ons, which changes the funding landscape. As such, we want to protect our risk, and have the ability to extend our runway to provide certainty to our shareholders and followers.

As a result, we’re now pursing both licenses simultaneously, and have signed our Agreements to operate as an Authorised Representative (AR) under an existing FCA regulated license holder in the UK (we’ll be able to release more details, inclusive of the company we’ll be licensed under soon).

We’re anticipating (depending on Covid), our UK license to be approved by the end of May with our EU license to be approved by the end of June. Our post license testing will start shortly after this (approx. 4-6 weeks) due to post licensing steps that need to be taken, such as becoming a member of the Lithuanian deposit and insurance scheme etc.

We expect to roll out to our waitlist after our testing with uni’s, and soon after Seedrs investor. The roll out to our waitlist will start approx. 4-8 weeks from when our testing starts.

I hope this provides more clarity!

Stay safe and happy easter! :egg:

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Hey Steph,

Thanks for the update, appreciate the detail! Sounds like you’re making good progress, despite all the other factors.

Good luck with getting the licenses approved, looking forward to being able to test it out.

Happy Easter!

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Hi @Lew,

Anytime! And thank you - appreciate it!

Looking forward to hearing what you think once it’s ready for you to test! :slightly_smiling_face:

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