Edinburgh-based fintech provider, GiftRound, has launched a crowdfunding campaign on Crowdcube to raise £75,000 to fund its expansion.

GiftRound is a cashless online group collections company that is seeking to disrupt the way people collect money for gifts. Its free platform allows users to collect the money from colleagues across multiple offices across the UK and internationally.

According to research carried out by the business, on average it takes up to seven hours to collect donations for birthday presents or leaving gifts at work. The process is being further delayed because people are carrying less cash.

The platform streamlines the process making it more transparent and lifts the onus off one individual member of staff, who would traditionally undertake the task on top of their work responsibilities. It also offers the option to buy gift and experience vouchers from retailers such as John Lewis.

Demand for the service is strong and the company has experienced 25% growth on average each month. GiftRound has handled more than 4,250 contributions into various groups over the course of a year.

Last year, the firm was recognised as one of the top 10 ‘best and brightest businesses currently growing within an RBS Entrepreneur Accelerator’.

In addition to targeting gift giving in the workplace, the company is also hoping to target the £600 million wedding gifts market and the 220,000 gifts bought each year for primary school teachers.

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Company founder, Craig Forsythe, said: “Since our launch in June 2018, and after a six-month period of concept testing, GiftRound has gone from strength to strength.

“We’re now looking to improve the user journey of the GiftRound platform by integrating a GiftRound Store to provide customers with a seamless experience. We are looking to grow our brand presence and reputation for quality service for everyone that wants to organise a group collection to buy a gift.’

Stephen Ingledew, Chief Executive of FinTech Scotland, said: “GiftRound are an ideal example of what fintech is. Thanks to the blend of their technology and data, their innovation has the potential to make a big difference to the way people live their lives and access money.

“Craig and his team have done a fantastic job taking GiftRound to where it’s at today and we’re very excited to see what they’ll achieve next with the funds raised through the crowdfunding campaign.”