This is taken from the update email sent out to investors through Crowdcube, posted here for convenience and discussion.
I hope you had great weeks since our last update! We have certainly had a very productive time!
Thanks to CrowdCubes great support and our teams hard work we have finally collected all payments and are very near to officially closing this round.
We also found a couple of angels, investors and advisors with great experience who will help us boost VitraCash even more!
More achievements so far: We are actively working on our card programme with Moavate, integrating up our production processing platform with Marqeta and finalizing our card designs (stay tuned on our community forum for updates on that!).
We are working on the perks like the merch for all our investors and will update you soon on that.
We have one bad news though today. Ben is leaving VitraCash. We are all really sad about his decision and think that’s very unfortunate. As it is a personal one we would not like to go into details regarding his reasoning.
We do have this message for Ben though; you are a great person and we hope and wish you all the best for your future. You are a great software engineer and were a great addition to our team.
That being said we were prepared for this case as early leavers happen all the time in Startups. Most of Ben’s shares didn’t vest yet, so he is giving those back. He will keep his vested shares which is fair as he worked for us months before we launched on CrowdCube and knew how much we will raise and helped us get to where we are right now in our journey.
I can also confirm that all the IP is still held by the company and as we are an agile team we will not be held back by Ben’s departure. We are still heading towards a late July/early August launch and it will be an awesome one. Hopefully with all of you involved!
We are close to a key hire here at VitraCash. Our CTO. He will not only replace Ben’s responsibilities, but also add some great leadership skills to our tech team. This decision is still well thought out and did not happen spontaneously after Ben’s departure. I really believe that he fits in well to our vision and our team. We are all looking forward to working with him on our product! We will keep you posted on that as well.
We want to be fully transparent with our investors. We know it might possibly be the worst ever timing ever in history for this kind of news. But you will always receive this information first, even if it is unfortunate or bad. We advise registering for our community forum, as news will always break there first before being mailed out.
Please ask us all questions you have and schedule calls with us if you want to. If there is demand we will even consider a meetup with all our investors so we can talk about how you feel about this situation and what you would like from us in the future. Our Investor Category on our community continues to grow & is a great place for you to ask questions and get a quick reply from someone, normally our General Manager Ryan who is always on the ball!
See our community forum here: https://community.vitracash.com
Have an amazing rest of the week. We are all looking forward to launch our product soon and get you all onboarded
Koray Koska (CEO)
Please post any questions, reactions etc below and we will reply as soon as possible.