Scottish fintech Butterwire gets a smooth cut of funding
Scottish fintech Butterwire has raised over £300,000 in crowdfunding investment to market its product and grow its user base, reaching 150% of its funding goal on the Crowdcube platform.
The funding round finished with a total of £308,000 from 234 investors, clearing the original £200,000 target ten days before the fund closed.
The company’s product is an artificial intelligence (AI)-driven app to support equity investors. The firm’s AI provides individual investors with information on how to structure and self-manage their own equity portfolio
The Scotsman reports that Butterwire will use the funding to invest in its structure and launch a global marketing campaign, on the back of its recent strategic partnership with digital marketing firm Transatlantic.
The chief executive Raphael Fiorentino told The Scotsman that the fintech is targeting professional and non-professional investors.
Although the app uses AI technology, chief technology officer Paul Sinclair says the product enhances human decisions, rather than attempting to replace them, calling it “augmented intelligence”.
The firm is still aiming for organic growth, and but the first quarter next year will see a plan for venture capital funding.
The firm is headquartered in London, but all employees except Fiorentino are based in Scotland, and thus received the backing of economic development organisation Scottish Enterprise.
Since its launch in June, the app has collected “several hundred regular users”.
