MoneyBrain is working on partnering with a regulated entity in the US to help it launch there and in Canada later this year.
eMoneyHub is the parent company of peer-to-peer lending platform JustUs and Moneybrain, an app that enables investors to deposit money in different currencies. Moneybrain also allows investors to exchange their funds into its BiPs cryptocurrency and on the app lenders can also invest in JustUs loans.
Lee Birkett, founder of the group, said that Moneybrain will be the first to launch there initially and is working on partnering with a regulated entity there, after receiving hundreds of downloads of the Moneybrain app.
He said he was pleased the Securities and Exchange Commission has proposed to raise the crowdfunding limit in the US from $1m (£0.73m) to as much as $5m.
“There’s a limit on how much firms can crowdraise,” Birkett said.
“In the UK the maximum is £5m, while the US has a very small crowdfunding market, but this is set to be opened up from $1m to $5m.
“We’ve had hundreds of people download the Moneybrain app but we can’t deal with them, we need to set up in the US first.
“We’re working on partnering with a regulated entity. It’s subject to local regulations. Initially it’ll be for BiPs, the cryptocurrency and then the sale of that gets lent on the JustUs platform. It’s a massive market.”