Posted by & filed under Press Releases.

New York, NY and Rotterdam, NL – November 16, 2015:

Financial technology brand reports growth above 25% for second consecutive quarter, adds new revenue streams to The Funding Network™

 

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  • Total revenue of $68,766 for third quarter 2015 up 30% on prior year period due to growth of revenue streams from product portfolio of The Funding Network™.
  • Revenue increased 30% in USD compared to the prior year period, while in the operational currency of the Company (EUR) the revenue growth was even higher (due to significant decrease in the value of EUR compared to USD).
  • As of September 30 The Funding Network™ has, in its first six months of operations, seen a total transaction volume close to $400 million, which the Company expects to result in increased monthly recurring revenue streams.
  • Operating expenses for the third quarter decreased by 24% compared to the prior year period to $631,938.
  • In July the Company recorded the first success fees from its loan crowdfunding product – becoming one of few European platforms to facilitate both equity and loans – while also adding close to 2000 new investors to its crowdfunding community.

“We are delighted to report continued strong revenue growth from an increasing number of revenue streams. The diversified product portfolio of The Funding Network™ has delivered promising results in the first six months since its launch in March and is creating real value for investors and entrepreneurs. Clearly there is huge potential to further commercialise our transaction volume. The consistent growth in revenue we’ve been seeing in 2015 gives us the foundation to do just that while we continue to innovate at the forefront of online funding,” said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp.

“In the context of this expanded product portfolio for investors and entrepreneurs we continued to grow our core business with transaction-based crowdfunding revenues up 16% from the same period last year. It is satisfying to see that we are continuing to grow ahead of the market in equity crowdfunding. Meanwhile, the successful release of our loan product not only adds another revenue stream to our core crowdfunding business but also strengthens our position as a leading European online funding platform. We believe this is a key differentiator in what is a highly competitive alternative finance market. Of course, our crowdfunding platform now forms part of our complete funding offering to start-ups and small businesses: The Funding Network™. This is also reflected in the addition of new revenue streams in this quarter including registration fees and monthly recurring monitoring fees. Furthermore, the granting of an equity crowdfunding license to Symbid Italy by the Italian authority financial markets represents a key milestone in our international expansion next to the continued development of Symbid Germany.”

“As we look ahead to the end of the year I see enormous potential for the Company if we can continue to build on this strong revenue growth. The market’s reaction to the launch of The Funding Network™ has been positive and our progress so far in commercialising this innovative product portfolio is encouraging. I am confident that the foundations for the Company to become the leading European online funding platform in 2016 are now in place.”

Summary of Second Quarter 2015 Financial Performance:

  • Total revenue increased by 30% compared to prior year period to $68,766.
  • 86% of revenue attributable to transaction-based model of core crowdfunding business, compared to 96% in same period 2014, due to new revenue streams from The Funding Network™.
  • Selling, general and administrative expenses decreased by 17% from same period 2014 to $374,436.
  • Total operating expenses decreased by 24% from same period 2014 to $631,938.
  • Net losses decreased by 16% from same period 2014 to $632,293.

2015 Commercial Outlook:

  • The Company’s repositioning as a go-to platform for entrepreneurs in search of funding has resulted in a monthly transaction volume of approximately $55m for The Funding Network™.
  • The Company expects increased monthly recurring revenue streams from its transaction volume due to the Company’s monitoring product now being included in all service agreements with its entrepreneurs.
  • The Company underwent a successful re-launch of its website in March 2015 in line with its repositioning to a more holistic funding platform, connecting traditional and alternative financing options in one go-to platform.
  • The Company expects to continue its ongoing development of new products and services and is actively looking to expand its team of in-house software developers in line with the vision of building the most efficient capital market worldwide.
  • The Italian Securities and Exchange Commission’s (CONSOB) granting of an equity crowdfunding license to Symbid Italy has made the Company’s first international expansion official. The Company intends to commercialize this international expansion in the fourth quarter of 2015 while continuing to seek business partners for Symbid Germany.
  • The Company’s capital raise strategy resulted in the closing of a convertible note offering on September 8 in which the Company raised $1,500,000 from 13 investors in order to accelerate the horizontal and vertical expansion of its funding network.
  • Third quarter 2015 saw the Company continue to commercialise The Funding Network™. The Company is now focused on improving this financial technology portfolio through further software development as The Funding Network™ grows into the go-to funding platform for entrepreneurs and investors.

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New York, NY and Rotterdam, NL – September 07, 2015:

Hans Biesheuvel’s new initiative to connect entrepreneurs to The Funding Network™, improving access to capital

 


 
Symbid – the financial technology brand behind The Funding Network™ – today announced a strategic partnership with DNOB, the new funding platform for entrepreneurs led by Hans Biesheuvel, former chairman of MKB Nederland (Dutch SME Trade Association) and a highly influential voice in Dutch economic affairs. DNOB will connect to The Funding Network™, operated by Symbid, which has to date guided over 400 small businesses to over $330 million in funding from both alternative and traditional sources, including equity and loan crowdfunding, bank loans, venture capital and angel investors.

Launching on September 9, DNOB will connect entrepreneurs to business financing. The cooperation with The Funding Network™ allows DNOB to provide entrepreneurs with access to over 50 professional financiers and 32,000 private investors. This extensive network, supported by proven financial technologies such as monitoring, makes The Funding Network™ the most efficient capital market for start-ups and small businesses.

“We’re delighted to add DNOB to The Funding Network™ as a strategic partner. Founder Hans Biesheuvel, shares our vision of where small business financing is heading in the digital age. This partnership helps us to grow our monthly transaction volume – now above $50 million – and strengthens our position as the go-to funding platform for entrepreneurs in the Netherlands,” said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp. “By connecting DNOB to The Funding Network™ we can ultimately guide more entrepreneurs to the right type of funding, having already funded $330 million since our launch in March this year. Together with DNOB we’re simplifying the way small businesses are funded, and helping to maximise the potential of Dutch entrepreneurs.”

“The aim of DNOB is to bring entrepreneurs to the right type of funding with personalized service,” said Hans Biesheuvel, founder of DNOB. “By cooperating with The Funding Network™ by Symbid we can significantly increase the chances of funding success for our entrepreneurs. DNOB will focus on ensuring that entrepreneurs are better prepared before facing the 50-plus financiers and 32,000 private investors.”

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New York, NY and Rotterdam, NL – August 13, 2015:

Financial technology brand reports strong revenue growth as new products added within The Funding Network™

 

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  • Total revenue of $92,370 for second quarter 2015 includes first revenues from newly launched monitoring and loan crowdfunding products.
  • Revenue increased 28% in USD compared to the prior year period, while in the operational currency of the Company (EUR) revenue increased 59%, however the significant decrease in the value of EUR compared to USD means the reported revenue increase is lower.
  • As of June 30 The Funding Network™ has seen a total transaction volume of $192 million since its launch in March 2015, which the Company expects to result in increased monthly recurring revenue streams.
  • Operating expenses for the second quarter increased compared to the prior year period due mainly to share-based compensation expenses which accounted for 19% of total second quarter operating expenses of $644,486.
  • Four high-level executives across financial, media and telecoms industries were added as new members of the Company’s Board of Directors.

“We are delighted to report strong revenue growth as our core business continues to expand while we add new revenue streams from our loan crowdfunding and monitoring products. Following its launch in March, the diversified product portfolio of The Funding Network™ is now taking shape, creating value for investors and entrepreneurs. We are starting to reap the commercial benefits of our newly launched investing, monitoring and data tools as we continue to innovate at the forefront of online funding,” said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp.

“We continued to grow our core business with transaction-based crowdfunding revenues up 8% from the same period last year as we added a loan product to became one of the first European platforms to offer both equity and loan crowdfunding. The Company is excited about the potential for this peer-to-business lending product with the market witnessing exponential growth. Meanwhile, our business has successfully pivoted towards a more complete funding offering to start-ups and small businesses: The Funding Network™. This has resulted in new monthly recurring revenue streams that we expect to increase as we further integrate our products. Add to this the continued development of Symbid Italia, plus other tracks for international expansion, and we are confident of growing our business in the coming months.”

“Looking ahead our focus is on the continued commercialisation of our diversified product portfolio of, including the new monitoring tool and an upcoming deal-making tool. 2015 is undoubtedly a crucial year in our business development. These results represent a solid foundation on which we expect to build towards our strategic vision of becoming the leading European online funding platform in 2016.”

Summary of Second Quarter 2015 Financial Performance:

  • Total revenue increased by 28% compared to prior year period to $92,370.
  • 84% of revenue attributable to transaction-based model of core crowdfunding business, compared to 100% in same period 2014, due to new revenue streams from The Funding Network™.
  • Selling, general and administrative expenses increased by 37% from same period 2014 to $429,413 due to increase in share-based payments made to staff members, accounting for approximately $115,000.
  • Research and development costs decreased by 74% compared to same period 2014 to $26,077 due to fewer external suppliers providing related services and personnel costs for internal developers being listed under selling, general and administrative expenses.
  • Total operating expenses increased by 7% from same period 2014 to $644,486, due to the addition of share-based payments as a cost factor.
  • Net losses increased by 4% from same period 2014 to $552,116.

2015 Commercial Outlook:

  • In December 2014 the Company signed a strategic alliance agreement with leading financial advisory firm Credion which, following its launch in March, has resulted in a monthly transaction volume of approximately $55m for The Funding Network™. The Company expects this to result in increased monthly recurring revenue streams attributable to its cloud-based monitoring product as it is now included in all service agreements with entrepreneurs joining The Funding Network™.
  • The Company underwent a successful re-launch of its website in March 2015 in line with its repositioning to a more holistic funding platform, known as The Funding Network™, connecting traditional and alternative financing options in one go-to platform.
  • The Company expects to continue its ongoing release of new products and services with the launch of a deal-making tool in fourth quarter 2015, following significant user experience improvements in the third quarter.
  • The formal incorporation of Symbid Italia S.p.A. in February 2015 represents the first stage of a European roll-out which the Company expects to continue throughout 2015. The Company intends to commercialize this international expansion in the fourth quarter of 2015.
  • Management announced the addition of four new high-level executives to our Board of Directors, including Hendrik Kasteel, Jérôme Koelewijn, Vincent Lui and Michiel Buitelaar. With a combined 87 years of experience in C-level positions at global finance, media and telecoms corporations, they will offer their expertise to help the Company accelerate its growth.
  • • The Company is actively pursuing a capital raise strategy in order to accelerate the horizontal and vertical expansion of its funding network and balance cash flow. Second quarter 2015 saw the Company continue its focus on the internal development of technology thereby creating long-term value through successful innovation. The Company is now bringing this financial technology portfolio to market following the launch of The Funding Network™ in March 2015.

Symbid Corp. Full Year results, including the income and balance sheets, can be found here. Please visit Financial Information for an overview of all recent financial results.

Three months ended June 30
2015 2014
Revenues
Crowdfunding 77,804 72,090
Other 14,566 N/A
Total revenues 92,370 72,090
Operating expenses
Selling, general and administrative 429,413 313,196
Professional fees 152,794 192,436
Research and development costs 26,077 98,774
Depreciation and amortization 36,202 333
Total operating expenses 644,486 604,739
Operating loss -552,116 -532,649
Other income (expense)
Fair value adjustment derivative liability – warrants -517  70,097
Interest expense -2,566 -3,860
Government subsidy N/A 2,742
Gain on sale of investment in Gambitious B.V. N/A -7,114
Other income and expense N/A -14,630
Total other income (expense) -3,083 47,235
Net loss -555,199 -485,414
Net loss attributable to non-controlling interests -18,155 -4,608
Net loss attributable to Symbid Corp. stockholders  $(537,044)  $(480,806)
Basic and diluted net loss per common stock  $(0.02)  $(0.02)
Weighted average number of shares outstanding
Basic and diluted 34,705,257 26,224,839

Posted by & filed under Press Releases.

New York, NY and Rotterdam, NL – August 11, 2015:

Online funding platform Symbid internationalises with CONSOB approval, growing The Funding Network™

 

Symbid – the financial technology brand behind The Funding Network™, where companies get funded and grow – today announced the approval of Symbid Italia as an equity crowdfunding platform by the Italian financial regulator, CONSOB. Symbid’s expansion to Italy, the first fully regulated equity crowdfunding market in the world, means it becomes one of the first international equity crowdfunding platforms. A joint venture with Banca Sella, Symbid Italia will launch in Q4 2015 under the management of Italian Business Angel of the Year and President of Italia Startup, Marco Bicocchi Pichi.

As one of the first equity crowdfunding platforms worldwide we’re delighted to now be one of the first to internationalise,” said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp. “The potential for equity crowdfunding in Italy is huge with small businesses being so crucial to the national economy and yet underfunded. As a leading figure in the Italian startup world, we’re delighted to have Mr. Bicocchi Pichi on board our mission to simplify the way small businesses are funded. This announcement is a major milestone in the growth of our pan-European online funding platform, The Funding Network™, connecting traditional and alternative finance.

Symbid Italia will operate as an equity crowdfunding platform for Italian start-ups and represents the first stage of a European roll-out of The Funding Network™ by Symbid, an online funding platform connecting small businesses to all types of finance, traditional and alternative, including bank loans, venture capital, angel investing, equity and loan crowdfunding. With a monthly transaction volume of $50 million, Symbid is aiming to become the go-to funding platform for investors and entrepreneurs throughout Europe. Symbid is to date the most established to platform to gain CONSOB approval, alongside several others.

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New York, NY and Rotterdam, NL – July 22, 2015:

Addition of high-level board members to professionalise corporate structure of online funding platform

 

Symbid’s new Board of Directors (L-R): Hendrik Kasteel, Jérôme Koelewijn, Vincent Lui and Michiel Buitelaar

Symbid – the financial technology brand behind The Funding Network™ – today announced the addition of four new members to its Board of Directors. The new members include former MD of Deutsche Telekom Hendrik Kasteel, former Sanoma COO Michiel Buitelaar, former Morgan Stanley officer Jérôme Koelewijn and leading Silicon Valley tech specialist Vincent Lui. With a combined 87 years of experience in high-level positions at some of the world’s most successful corporations, the new board members will offer their expertise to help Symbid accelerate the growth of its online funding platform.

“We’re delighted to welcome the expertise and knowledge of Messrs. Kasteel, Buitelaar, Koelewijn and Lui to our Board of Directors. Together they bring unparalleled, high-level experience with some of the most successful global brands in telecoms, media and finance,” said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp. “With strong backgrounds in venture capital and investment consultancy in both Europe and North America, they can contribute immensely to the ongoing growth of our online funding platform, The Funding Network™, connecting traditional and alternative finance. We see their support of Symbid and our mission to simplify the way small businesses are funded through innovative technology as a vote of confidence in the way our business is heading.”

Hendrik Kasteel, with over 20 years of experience as a telecommunications and media executive, is a leading European marketing professional having served as both CCO and CMO of T-Moble Netherlands and Austria respectively. Former Sanoma COO Michiel Buitelaar has 25 years of international experience in high-tech telecommunications that includes serving as CDO for leading TV producer Endemol and Managing Director of KPN’s consumer business. Jérôme Koelewijn has enjoyed 22 years of experience in global leadership roles relating to finance and technology, having worked as a Client Advisory Officer in investment and wealth management at Morgan Stanley. Vincent Lui, meanwhile, has more than 15 years of entrepreneurial experience and domain knowledge across several cutting-edge technology sectors and personally oversaw the acquisition of VSS, for whom he served as VP of Corporate Business Development, by Danaher Corporation (NYSE: DHR), a $50 billion Fortune 150 company.

“Having closely followed the progress of Symbid as one of the first equity crowdfunding platforms worldwide, we’re excited to offer our services in accelerating the growth of The Funding Network™ as a leading online portal for traditional and alternative finance,” said Hendrik Kasteel. “As one of the most innovative European players in financial technology, our commitment to Symbid is based on a firm belief that this company has the potential disrupt the financial world by enabling a more transparent and efficient way of funding small businesses.”

The new members of the Board of Directors include:

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New York, NY and Rotterdam, NL – June 18, 2015:

Online funding platform adds new peer-to-business loan product, backed up by monitoring tool for full transparency

 
Symbid – the financial technology brand behind The Funding Network™ – today announced the launch of its own loan crowdfunding product. The launch means Symbid now offers both equity and loan crowdfunding in addition to traditional and other alternative funding options via The Funding Network™ including angel investing, venture capital and bank loans. Loan crowdfunding by Symbid will make use Symbid’s internally developed monitoring tool and independent treasury management agency Catena – spin-off of leading risk management firm Zanders. It is a professional and more transparent alternative to current online lending options for both investors and entrepreneurs.

“We’re delighted to launch our own loan crowdfunding product within the service offering of The Funding Network™. By bringing peer-to-business loans in-house we’re staking our claim as the go-to European platform for entrepreneurs in search of funding. With a monthly transaction volume above $50 million, The Funding Network™ by Symbid is now connecting alternative and traditional finance,” said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp. “Using our advanced monitoring tool and independent pricing, we’re confident that loan crowdfunding at Symbid is an improvement on the current market standard. Giving investors ongoing insights into the performance of the business means full transparency and professionalism. This launch is a big milestone in our mission of simplifying the way small businesses are funded.”

Symbid is launching a new, more entrepreneurial way of crowdfunding loans which, based on advanced investing, monitoring and data tools, enables full transparency between investor and entrepreneur. Investors receive their return on a quarterly basis while monitoring the performance of their investment – including its risks and rewards – through a user-friendly KPI dashboard. Both equity and loan investments can be made from one account, meaning Symbid now has online investing covered. The pricing of each loan – the interest rate paid by the entrepreneur to their investors – is objectively determined by Catena Investments.

By offering both equity and loan crowdfunding Symbid expects serve an even broader group of entrepreneurs with funding. FIZ lawyers, specializing in alternative finance, is providing legal support for the Loan Crowdfunding by Symbid product . “Symbid’s take on loan crowdfunding is innovative because it gives investors a deep insight into the performance of the businesses to which they have lent money. We see this degree of transparency as a huge step forward in the world of alternative financing,” said Jurian Snijders of FIZ lawyers.

The launch improves Symbid’s offering to entrepreneurs by introducing a trusted market alternative to current online lending services. Entrepreneurs connecting to The Funding Network™ are brought to the right type of funding as efficiently as possible. This can mean crowdfunding (loan or equity), traditional funding options, or a combination of both. With the launch of loan crowdfunding Symbid is aiming to become the go-to funding platform for both investors and entrepreneurs.

The first business to be funded via Loan Crowdfunding by Symbid is CareRate, a healthcare review app. The investment opportunity is now live on the Symbid platform.

Posted by & filed under Press Releases.

New York, NY and Rotterdam, NL – June 04, 2015:

The Funding Network™ by Symbid, online funding platform for small businesses, adds professional third-party scoring

 
Symbid – the financial technology brand behind The Funding Network™ – today announced a partnership with Catena, spin-off of leading European treasury and risk management firm, to provide INRISC, an automated credit risk scoring and pricing service for its upcoming loan crowdfunding product. The partnership means Symbid becomes one of the first online funding platforms to use an independent third party to score investment opportunities and set objective interest rates. Using standardised accounting data and fully automated processes, it represents efficient risk management for entrepreneurs and investors.

“We’re delighted to announce this strategic partnership with Catena Investments while The Funding Network™ continues to grow and mature. As our monthly transaction volume exceeds $35 million it is right that we keep pushing for more professionalism,” said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp. “With Catena on board, we’re confident that our upcoming loan crowdfunding product will be the most transparent on the market. Looking ahead, instant scoring and pricing will be a cornerstone of our offering to professional investors. This is a big step forward in our mission of simplifying the way small businesses are funded.”

Catena Investments, a Zanders spin-off specialising in the development of state-of-the-art financial technology solutions, will assess the credit risk of loan propositions with its INRISC service using data provided by Monitoring by Symbid. This data is, in turn, streamed via accountant reporting systems. This automated scoring and pricing process is expected to be an improvement on the market standard. Most online funding platforms continue to operate scoring models internally that allow companies have a say in the final interest rate of a loan.

“With INRISC we mean to provide the market off-the-shelf solutions that will ultimately enable the investment industry to benefit from more transparency on risk and pricing, specifically for alternative investments such as crowdfunding,” said Marco Behling of Catena Investments. “Working together with Symbid represents a unique opportunity for us to link to the day-to-day needs of the crowd with independent and state-of-the art scoring models and adequate pricing of requested credit facilities.”

The Funding Network™ by Symbid is a go-to platform for start-ups and small businesses in search of funding. Through advanced investing, monitoring and data tools Symbid is connecting traditional and alternative finance in a new, online model. With over $100 million provided to small businesses via The Funding Network™ in its first 3 months, this partnership validates Symbid as a leading European player in financial technology. Although this funding volume does not currently equate to a significant revenue stream there is potential for a monthly recurring revenue model to be added in the near future.

Posted by & filed under Press Releases.

New York, NY and Rotterdam, NL – May 15, 2015:

Financial technology brand reports first revenues following launch of The Funding Network™

 

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  • Total revenue of $73,866 for first quarter 2015 includes first registrations to The Funding Network™ after March launch
  • Revenue down 14% on same period last year due mainly to worsening exchange rate.
  • Investment in joint venture and subsequent incorporation of Symbid Italia S.p.A. represents first international expansion of Symbid funding platform.
  • Operating expenses equal to same period last year except for share-based compensation expenses, accounting for 27% of total first quarter operating expenses of $655,203.
  • Positive cash flow from financing and investing activities following closing of Private Placement Offering and sale of Gambitious shares.

“We are pleased to report the first revenues following the successful launch of Symbid, The Funding Network™ in March. This represents a major step forward in our commitment to creating long-term value for shareholders through an innovative service offering for start-ups and small businesses. Following several quarters of heavy investment into research and development, we are now in a position to begin reaping the financial benefits of our newly launched advanced investing, monitoring and data tools in the form of monthly recurring revenues,” said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp. “A declining exchange rate notwithstanding, revenues from our crowdfunding platform have remained at a similar level to the same period last year due to the major pivot in our business strategy this quarter. The incorporation of Symbid Italia – the first international expansion of the Symbid investment crowdfunding platform – plus a loan crowdfunding product expected in second quarter, means we are confident of increasing our core crowdfunding revenues in the coming months. Add to this the continuing commercialisation of the diversified product portfolio of The Funding Network™, including our monitoring product and upcoming deal-making too, and 2015 is a crucial year in our business development. As we look ahead, these results represent a solid foundation on which we expect to build towards our strategic vision of becoming the leading European online funding platform in 2016.”

Summary of First Quarter 2015 Financial Performance:

  • Total revenue decreased by 14% compared to prior year period to $73,866.
  • 74% of revenue attributable to transaction-based model of core investment crowdfunding business, compared to 97% in same period 2014, due to first revenues from The Funding Network™.
  • Selling, general and administrative expenses increased by 49% from same period 2014 to $409,353 due to increase in share-based payments made to staff members, accounting for approximately $120,000.
  • Research and development costs decreased by 52% compared to same period 2014 to $22,242 due to fewer external suppliers providing related services and personnel costs for internal developers being listed under selling, general and administrative expenses.
  • Total operating expenses increased by 25% from same period 2014 to $655,203, roughly equal except for share-based payments which have been added as a cost factor.
  • Gambitious Coöperatie shareholding was sold entirely in February 2015.
  • Net losses increased by 37% from same period 2014 to $579,821 in line with the Company’s commitment to the research and development of innovative products creating long-term value for its shareholders.

2015 Commercial Outlook:

  • In December 2014 the Company signed a strategic alliance agreement with leading financial advisory firm Credion which, following its launch in March, has resulted in a monthly transaction volume of approximately $55m for The Funding Network™. The Company expects this to result in new monthly recurring revenue streams attributable to its cloud-based monitoring product and soon-to-be released loan crowdfunding and deal-making products beginning second quarter 2015.
  • The Company underwent a successful re-launch of its website in March 2015 in line with its repositioning to a more holistic funding platform, known as The Funding Network™, connecting traditional and alternative financing options in one go-to platform.
  • The Company expects to continue its ongoing release of new products and services with the launch of a loan product in the second quarter of 2015, resulting in additional transaction-based crowdfunding revenues.
  • The formal incorporation of Symbid Italia S.p.A. in February 2015 represents the first stage of a European roll-out which the Company expects to continue throughout 2015. The Company intends to commercialize this international expansion in the third quarter of 2015.
  • Management completed a closing of a Private Placement Offering raising $624,116 to support the growth of The Funding Network™.
  • The Company is actively pursuing a capital raise strategy in order to accelerate the horizontal and vertical expansion of its funding network and balance cash flow. First quarter 2015 saw the Company continue its focus on the internal development of technology thereby creating long-term value through successful innovation. The Company intends to bring this financial technology portfolio to market in 2015 following the launch of The Funding Network™ in March.

Symbid Corp. Full Year results, including the income and balance sheets, can be found here. Please visit Financial Information for an overview of all recent financial results.

Three months ended March 31
2015 2014
Revenues
Crowdfunding 54,394 78,055
Other 19,472 8,050
Total revenues 73,866 86,105
Operating expenses
Selling, general and administrative 409,454 274,015
Professional fees 186,670 204,713
Research and development costs 22,242 45,975
Depreciation and amortization 36,938 334
Total operating expenses 665,203 525,037
Operating loss -581,337 -438,932
Other income (expense)
Fair value adjustment derivative liability – warrants -7,274  15,264
Interest expense -2,714 -5,810
Government subsidy N/A 8,221
Gain on sale of investment in Gambitious B.V. 11,504 N/A
Other income and expense N/A -1,631
Total other income (expense) 1,516 16,044
Net loss -579,821 -422,888
Net loss attributable to non-controlling interests -12,484 -11,018
Net loss attributable to Symbid Corp. stockholders  $(566,973)  $(411,870)
Basic and diluted net loss per common stock  $(0.02)  $(0.02)
Weighted average number of shares outstanding
Basic and diluted 34,079,498 26,498,864

Posted by & filed under Financial results.

First Quarter 2015 Income Sheet
Three months ended March 31
2015 2014
Revenues
Crowdfunding 54,394 78,055
Other 19,472 8,050
Total revenues 73,866 86,105
Operating expenses
Selling, general and administrative 409,454 274,015
Professional fees 186,670 204,713
Research and development costs 22,242 45,975
Depreciation and amortization 36,938 334
Total operating expenses 665,203 525,037
Operating loss -581,337 -438,932
Other income (expense)
Fair value adjustment derivative liability – warrants -7,274  15,264
Interest expense -2,714 -5,810
Government subsidy N/A 8,221
Gain on sale of investment in Gambitious B.V. 11,504 N/A
Other income and expense N/A -1,631
Total other income (expense) 1,516 16,044
Net loss -579,821 -422,888
Net loss attributable to non-controlling interests -12,484 -11,018
Net loss attributable to Symbid Corp. stockholders  $(566,973)  $(411,870)
Basic and diluted net loss per common stock  $(0.02)  $(0.02)
Weighted average number of shares outstanding
Basic and diluted 34,079,498 26,498,864

 

First Quarter 2015 Balance Sheet
March 31 December 31
2015 2014
Assets
Current assets
Cash $413,607  $233,068
Accounts receivable, less allowance for doubtful accounts of $8,436 and $10,718 respectively 15,946 45,070
Prepaid expenses and other current assets 91,193 53,366
Total current assets 520,746 331,504
Property and equipment – at cost, less accumulated 
Depreciation and amortization 7,020 8,480
Investment in associated companies 1,128 10,750
Intangible assets, net 885,955  1,031,692
Total assets  $1,414,849  $1,382,426
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable  $381,744  $378,023
Accrued expenses and other current liabilities 152,699 291,540
Deferred government grants  N/A N/A
Current maturities of notes payable 105,464 118,149
Total current liabilities 639,907 787,712
Notes payable, less current maturities 82,046 91,914
Derivative liability – warrants 143,663 153,154
Total liabilities 856,616 1,032,780

Posted by & filed under Press Releases.

New York, NY and Rotterdam, NL – April 22, 2015:

Financial technology brand Symbid collects SME Finance Award after funding $68.5 million in first 2 months

 

Symbid wins Dutch FinTech Award for SME Finance

Robin Slakhorst collects the Dutch FinTech Award for SME Finance in Amsterdam

 

Symbid, an online funding platform for start-ups and small businesses, yesterday received the Dutch FinTech Award for SME Finance following the launch of The Funding Network™ in March 2015. Over 100 companies have been funded via The Funding Network™ in less than 2 months for a total of $68.5 million. This award is recognition of Symbid’s commitment to simplifying the way small businesses are funded through innovative financial technology.

Symbid began as one of the first equity crowdfunding platforms worldwide and now offers multiple forms of corporate finance including bank loans, venture capital, angel investing and crowdfunding. The Funding Network™, in collaboration with its strategic partners, is on track for an expected transaction volume worth $800 million in 2015. Co-founder and CCO Robin Slakhorst collected the award on behalf of Symbid as the most innovative and disruptive Dutch market player in SME finance.

“We’re delighted to receive this award a few weeks after launching The Funding Network™. Our efforts in combining traditional and alternative finance in one online platform are really a means to an end. That end is a more efficient, transparent capital market for investors and entrepreneurs,” said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp. “With 50 institutional and over 30,000 private investors already connected to The Funding Network™, we at Symbid are excited about our potential for helping to democratize finance.”

The Funding Network™ is a go-to platform for start-ups and small businesses in search of funding. Through advanced investing, monitoring and data tools Symbid is connecting traditional and alternative finance in a new, online model. With $68.5 million provided to small businesses via The Funding Network™ in its first 2 months, this award validates Symbid as a leading European player in financial technology. Although this funding volume does not currently equate to a significant revenue stream there is potential for a monthly recurring revenue model to be added in the near future.