Vancouver financial technology company RAYL Innovations Inc. made history when it became Canada’s first and only company to successfully maximize participation using the Start-up Crowdfunding Registration and Prospectus Exemption.
In partnership with start-up crowdfunding portal Vested.ca, RAYL’s campaign became fully subscribed and closed on April 26, gaining 263 investors and gross proceeds of $250,000.
“We are very excited to be the first Canadian company to maximize an offering to non-accredited investors,” said Nicholas Jeffery, RAYL CEO in a release.
“In keeping with RAYL’s vision; democratizing integrated technology and business tools designed by business owners for business owners; we strongly believe that all Canadians should be allowed to participate in growth-stage financing, not just accredited investors.”
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RAYL offers integrated payment processing and business application solutions for business owners and merchants. The company integrates key payment services, business solutions, financial services, and data analytics on an integrated and interoperable platform, along with unique pricing strategies.
“It’s with great pride that we’ve also been able to offer equity participation, through Vested.ca, to our RAYL.Affiliate sales team and the dedicated RAYL.Apptive Beta Testing Team, all of whom have been tirelessly stress-testing the RAYL.Apptive platform and business suite,” added Jeffery. “This has been a unique opportunity and one we’re very thankful to Vested.ca for facilitating.”
RAYL describes its strategy as being three-cornered, and it includes a fully integrated business suite of applications called RAYL.Apptive, a disruptive payment processing system known as RAYL.Pay, and current challenger bank applicant RAYLfinancial.
“RAYL has leveraged our platform to complete three allocations of seed capital and shareholder board lot allocations, anticipating an Initial Public Offering later in the year,” said David Patterson, Vested.ca CEO.
“Vested.ca allowed for non-accredited investors such as RAYL’s Affiliate and Testing Team to participate in the Company at an early stage, which is an incredibly inclusive way to start the enterprise. It sets a new record for the Canadian crowdfunding platform and signals great things to come.”
According to its release, RAYL intends to list onto the TSX Venture Exchange (TSX-V) H2-2021, subject to British Columbia Securities Commission and TSX-V approval.