You may remember that back in February we sent an email to you containing Our Roadmap – the plans for our future. As it is already the second quarter of the year and we have made significant progress towards meeting some of our goals, we thought this is an excellent time to give you an update on those and let you in on a few more plans that we have in the works!
As you are well aware, the last three months have been dominated by the Covid-19 saga, with companies adapting to new working practices, working from home becoming the worldwide standard for many and businesses searching for inventive ways to keep their customer pool. Here at TFGcrowd we were comparatively well positioned in all of this evolving drama and found the changing circumstances as an additional motivational force energising us to achieve our plans and make new ones. Long story short – there was no time to binge-watch Netflix and we are proud of that. So, here is an insight into how far we have got:
1. Business accounts have been launched! If you own a business and have been looking for ways to diversify your investments and invest your profits, while taking advantage of the tax benefits this provides over-investing in crowdfunding as an individual, now it is possible to do so through the TFGcrowd platform. Business accounts are now available on our platform, so make sure you check these out.
2. New and improved referral program – it’s up and running, so while your money is earning interest on the TFGcrowd platform, you can make additional cash by referring TFGcrowd to everyone you know. Share your personal referral link with as many people as you like in any way you choose and for every person, who will invest over 100€, you will get 20€ plus you will get a 2% bonus on what they invest within the first 90 days!
3. Invoice Financing – a new addition to our platform, offering investors the flexibility of shorter investment periods with attractive interest rates. As businesses put on hold investment requiring projects, they turned their attention to evaluating the efficiency of their businesses instead, with many realising they could earn higher profits through improving their cash flows with the help of invoice financing. In the coming months, we will be working hard on expanding the range of invoice financing investments available to choose from on TFGcrowd, as well as on automating the process of businesses signing up for the service, meaning it will be possible to offer investors higher volume of invoices to finance and make it easier for businesses to apply.
4. Dubai projects – the very first project from Dubai – the Double Like restaurant has already been successfully funded on the TFGcrowd platform and is due to open its doors to its customers very soon, just in time for all the people so tired and fed up with home-cooking. The onset of Covid-19 meant that much of Dubai was under a semi-lockdown for the past few months, hence there was a pause in new investment possibilities in Dubai. But, as the city is springing back to life, more energised than ever and less impacted than others because of their successfully implemented strategy of bringing the virus under control, we are very much looking forward to offering you more investment possibilities from Dubai in the months to come.
CURRENTLY IN THE PROCESS
1. Moving to the UK jurisdiction – TFG Crowd Limited has been successfully established in England, UK and we are in the process of preparing all the documentation required to apply for an FCA licence for crowdfunding there. We are communicating with our legal team in the UK on a regular basis, providing them with all the necessary documents and information they require, to ensure we are fit for purpose to serve our customers within the legal framework set by the authorities. Considering the delays brought on by Covid-19, as FCA is concentrating on the more essential tasks at hand, the process of obtaining the crowdfunding licence will most likely take longer than previously anticipated, but we are putting all our energy towards obtaining this as soon as possible.
2. Migrating European projects to German jurisdiction – just a week before Germany closed its borders to foreigners, our authorised representative managed to fly in and out of Berlin and set up TFG Crowd GmbH. You may be surprised, but unlike in the UK, where setting up a company is done by electronic means, Germany still requires all papers to be signed in front of the notary. So, it was very fortunate timing – had we left it to just a week later, the whole process would likely be delayed by a few extra months. We are in the process of preparing all the necessary documentation to be filed for a crowdfunding licence in Germany, which, similarly to the UK FCA licence, may take a little longer to obtain due to the delays brought on by the Covid-19, but we are optimistic and have engaged a knowledgeable legal team to ensure that all the documents and information required from our side are provided without unnecessary delays.
3. Your very own TFG euro IBAN and TFG VISA card – our system developers are working extremely hard towards integrating the IBANs in our existing system so that experiencing your very own TFG euro IBAN and TFG VISA card would be a seamless process for you. The final card designs have already been approved by our designers and are currently undergoing VISA approval process. So, watch this space – we are very much looking forward to sharing the news with you, when the IBANs go live and you can order your very first TFG card to spend all the money you have earned through the TFGcrowd platform.
NEXT IN LINE
1. TFG Market – as the platform is expanding its operations to include invoice financing, here at TFGcrowd we realise the need for an easy to understand the structure as well as the necessity for as much automation as possible, to ensure that all users receive the highest quality service in the shortest possible time. We are therefore planning to establish TFG Market, which will be all about automation, transparency, efficiency and structure. You will find that our interface will undergo quite a few significant changes in the months to come, to accommodate all these important aspects of the platform.
2. Becoming recognised in the Secondary market & Auto-invest – Secondary market is scheduled to become available to investors on the TFGcrowd platform later this year together with the Auto-invest option. We see both of these as important extensions to improve the user experience of our platform, therefore our team is putting a lot of effort into designing the most user-friendly way possible.
3. Insurance Market – We believe that all investments should be made as safe as possible. Therefore, as an added security measure, we are developing an insurance option for the investors investing through the TFGCrowd platform, which will replace TFGCrowd’s Buyback Guarantee EXTRA. This would allow investors to take out insurance on the investments made against the borrower’s defaulting. This will allow investors to minimise the risks of investments to their required level.
4. White Label – once the platform will be in the development stage, where we feel it will have all the main attributes that we have envisaged to be enough to offer a good level of service for both investors and businesses seeking funds alike, we will offer the possibility for other businesses looking to set up crowdfunding platforms to acquire White Label rights.
5. Mobile App – A mobile app of the TFGcrowd platform is in the works with a projected delivery date in 2021. We wish to ensure that the platform has all the necessary attributes ready before we launch the mobile app, so that you have the best experience possible on your TFGcrowd journey.
We are looking forward to hearing your comments and suggestions, as you experience the new services coming to our platform, so that we can make any necessary adjustments to make your experience of the TFGcrowd platform as seamless and enjoyable as possible. It is a joy for all of us to see the platform grow and improve and to see our users enjoying the experience.
Now, let’s get back to investing!
Founder & Executive Chairman TFGcrowd