Payroll tech platform looks to raise £5m
A tech start-up behind a disruptive platform which allows businesses to pay their workers in real time is hoping to raise £5 million.
Etch describes itself as a new blockchain-based payroll system which enables employees to be paid in real time on a second-by-second basis, reducing business inefficiencies and alleviating the stress of those living paycheque to paycheque.
People using Etch will be paid in the currency of their choice and have the option for part payment to a family member home or abroad.
The system, which allows those without bank accounts to be paid securely, will use an innovative payroll card that will be accepted at millions of locations worldwide.
“Billions of the world’s population live paycheque to paycheque, a situation that can lead to mounting debt, stress and poor health,” CEO and blockchain technology expert Euros Evans (pictured below, second from left) said.
“Etch’s solution enables employers to pay their employees in real time. If, for example, they don’t have any money at the beginning of the day, their morning’s work will mean they have enough money for lunch and other purchases.
“When people are being paid as soon as they’ve earned it, we can reduce the need for payday loans and other such instruments to plug spending gaps, as well as improving employees’ peace of mind.”
Evans is supported by a team of innovators including CTO Tomasz Mldouchowski, a former MIT student of computational physics and supercomputing.
FinTech firm Etch also has a technical team including Richardson and Denis Lukianov, and digital entrepreneur Ben Whyte.
London-based Etch is aiming to raise £5 million through a token sale which starts on 18 September and will last for one month.
A token sale is an unregulated means of crowdfunding via use of a new cryptocurrency, distributed as tokens or coins to investors.
These represent a right of ownership or royalties to a project and may appreciate in value if the business is successful.It is an alternative to the regulated capital-raising process required by venture capitalists and banks.