Startup Spotlight – Minted

by | Oct 21, 2021

According to analysis from app marketing firm App Radar, the FinTech market has caused a boom in consumer interest in the financial markets. App Radar found that the top 10 UK apps have gained an estimated 1.6 million more users since March 2020 on Google Play Store, a trend that is being replicated throughout Europe.

One of the platforms thriving in this market is Minted, founded in 2018 which offers a platform for anyone to buy, sell, save and transfer physical gold. We spoke to CEO Hamzah Almasyabi to find out more about the company, and the emerging FinTech market in EUrope.

What’s the challenge that you set out to solve?

“From the get-go, we set about breaking down the barriers that prevent the average person from investing in and owning precious metals and physical commodities. These are mainly, the high cost for small buyers, the risk of loss or theft, and the need to know the market inside-out.

“By observing our social circle and with the help of market research, it became clear that these pain points are not properly addressed. Ultimately, our aim is to make investing in physical gold and other precious metals simple, safe, and affordable.”

How do you sit within your market, what sets you apart from the platforms available?

“At the moment, we sit in the gap between the traditional bullion dealers and fintech platforms offering gold-based products. In a nutshell: physical gold, delivered to our customers’ doorsteps, affordable and competitive rates, with free storage and insurance, plus a fully flexible savings plan. 

“We’ve benchmarked our rates against the leading online bullion dealers and allow our customers to buy small amounts of gold at the best possible prices. There’s also the ease and convenience of managing precious metal holdings via an app – essentially, customers can buy, sell, request delivery or withdraw cash at any time from the comfort of their own homes.”

Can you give an example of how you’ve been helping customers?

“Recently we had a mother get in touch who has been benefitting from our monthly savings plan. She used to regularly visit bullion dealers to buy gold for her children and build their savings. Now, she no longer has to go out of her way to shop around for a good rate. She’s set up a savings plan for each of her young children and, each month, gold is automatically bought for them and securely stored until they need it.”

What do you think comes next for FinTech?

“While the pandemic has damaged the global economy and disrupted our daily lives, it has accelerated the adoption of technology, particularly in the financial services sector. 

“FinTech is beginning to mature as an industry, carried by a wave of acquisitions and investments. The tech sector also boasts ownership of the most Unicorns over the last few years. 

“The UK is poised to become a global FinTech hotspot. From new fast-track tech visas, encouraging skilled immigration for FinTech scale-ups, to the Help to Grow scheme, providing firms with free digital tech assistance; thanks to these important measures, the industry continues to grow.”

What’s the roadmap for the business over the next five years? 

“In terms of our platform and product’s evolution, we plan to offer much more than just gold as an investment option for customers. The focus, however, will remain on democratising physical commodities and making them simple, safe and affordable for the average person. We’re also looking to expand geographically into different markets, developing strategic partnerships and a B2B offering.

“Recent uncertainly has drawn people towards more dependable investment options, such as gold. The volume of precious metals bought by retail consumers through mobile apps is also increasing, and we know we’re well positioned to accommodate these movements in the market.”

What are the key trends you’re seeing in the industry?

“The pandemic has touched everyone’s lives and affected daily, medium, and long-term behaviours. In addition to our professional and social life, future plans and savings-investment understandings have also been permanently altered. People are starting to shift to physical commodities and precious metals, which are considered safer harbours.”

What’s been the highlight of your entrepreneurial journey so far?

“It’s been a journey of highlights and challenges but with that comes growth and development. Securing the funding to deliver on our vision and add value in the market, and seeing our mobile app go live in the app store, are just a couple.  We’ve had so many customers ask for this and it’s great to be able to give them what they want.”

Have you done any funding rounds? 

“We’re fortunate to have secured seed funding from a private investment firm that has other ventures in precious metals and the banking sector. From day one, they have been committed to helping us realise our vision for Minted.”

What’s your take on the current state of funding and innovation in Europe?

“Europe has become a frontrunner for innovation in recent years; the number of Unicorns it is now producing and the amount of funding that is going into these cutting-edge companies is incredible. Another reason for the growth in the start-ups has been down to the availability of Angel and VC funding, with government schemes rewarding investors and the rise of popular crowdfunding platforms. It’s all helped to create a healthy environment for innovators.”

If you were starting your business from scratch today, what advice would you give yourself?

“Don’t be a perfectionist! Success loves speed. Take pride in what you do but deliver your product to market quickly and make continuous improvements along the way.”

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