Kestrl is a mobile app that makes it easy to budget, save and invest in line with your Personal Values.
- A digital solution for British Muslims' Financial needs
- Launched App in Sep 2019 on Google Play and App Store
- Graduated from Cambridge Accelerator, raising £135k pre-seed
- SEIS eligible with £80k of allocation available - See Key Info
Kestrl was founded on a single idea, that no one should have to compromise their values when it comes to achieving their goals.
Kestrl began when founders Areeb Siddiqui and Daeng Termizi met whilst studying for their MBAs at the University of Cambridge and were faced with a common dilemma. Despite both being practising Muslims, it was near impossible to bank and invest in the UK in line with their religious beliefs. From finding interest-free savings accounts to taking out a mortgage, convenient and affordable options were few and far between.
Together, Areeb and Daeng decided to combine their experiences consulting and working in UK fintech and Malaysian Islamic Banking to solve a problem faced by over 1.9m British Muslims today.
One year later and after forming their Malaysian based tech team, raising a £135k pre-seed round from C-level Islamic Banking professionals and launching their app on Google Play and App store, they’re now ready to take Kestrl to the next level.
Substantial accomplishments to date
Kestrl has come a long way since its Founders graduated from Cambridge and set up the company in November 2019;
- Dec 2019: Sourced an extremely experienced CTO, Irfan Radzi, and in-house tech team based in Malaysia
- Jan 2020: Raised Pre-Seed capital of £135k from C-level executives at major UK Islamic Banks
- Feb 2020: Admitted onto the University of Cambridge and CMS legal accelerator programmes
- Apr 2020: Built an Oxford-based Data Science team led by Dr. Mus'ab Shaharom, our head of data Science and an Oxford PhD in machine learning.
- May 2020: Became official agents of TrueLayer for use of their Open Banking permissions and API
- Jul 2020: Launched beta of our budgeting app to 500 test users
- Sep 2020: Launched Kestrl app for public download on App Store and Google Play
- Oct 2020: Signed up and integrated 5 financial service providers for the Marketplace for release in November
Kestrl intends to make money through 4 main channels;
1. Monthly subscription
Kestrl will offer 3 subscription tiers, with budgeting and marketplace access offered for free, with additional features such as Goals tracking, savings accounts and a Debit Card offered in a £1.99 and £4.99 tier.
Freemium - £0
Standard - £1.99
Premium - £4.99
2. Marketplace commissions
We will also generate revenue through commissions from 3rd parties. Commissions have been negotiated with our first 5 providers and range from fixed fee for investments, to a recurring commission for Energy and Pensions switching.
3. Home Purchase Product
In the next 12-18 months, Kestrl intends to launch its own range of investment/financing products, the first of which is an equity-based home purchase product.
4. South East Asia market
By our third year of operation (2022), Kestrl intends to expand to Malaysia/Indonesia by white labelling with established retail banks and utilising our 'inside knowledge' of the region.
Use of proceeds
The money raised will be used to achieve the following milestones;
- Nov 2020: Launch of the Kestrl marketplace for 3rd party financial service providers
- Dec 2020: Launch of Kestrl savings accounts and features
- July 2021: Launch of Premium tier with debit card, credit scoring etc.
- 2022: Release of Home Purchase Product
- 2022: South-East Asian Expansion
To hit these milestones, the investment will be divided as follows;
- 39% Platform building costs and tech team expansion
- 20% New hires in product development, marketing and operations
- 19% Maintaining Agency license fees and acquiring our own regulatory permissions
- 8% Marketing
- 14% Ancillary i.e. rent, IT costs and contingency
Kestrl Ltd (registration number: 12297799) is acting as an agent of Truelayer, who is providing the regulated Account Information Service, and is authorised by the FCA as an Authorised Payment institution (FCA reference number: 793171).
Please note that Kestrl is currently in the process of obtaining the relevant regulatory permissions to facilitate the current account product. The FCA is currently reviewing the application for Kestrl to provide this service via an Appointed Representative relationship with another regulated firm.
Please note that whilst the campaign is labelled as EIS eligible the Company has £80,000 remaining of its SEIS limit. We will, therefore, be looking to seek SEIS relief on the first £80,000 invested into the campaign, with the balance being EIS eligible. Any tax relief is dependent on personal circumstances and may be subject to change in the future.
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