SOURCE: Symbid


November 16, 2015 08:50 ET

Symbid Announces 30% Revenue Growth in Q3 2015

Financial Technology Brand Reports Growth Above 25% for Second Consecutive Quarter, Adds New Revenue Streams to The Funding Network™

ROTTERDAM, THE NETHERLANDS and NEW YORK, NY--(Marketwired - Nov 16, 2015) -  Symbid Corp. (OTCQB: SBID)

  • 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 Third 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.
    Three months ended September 30  
    2015     2014  
  Crowdfunding   $ 58,979     $ 50,889  
  Other     9,787       1,990  
    Total revenues     68,766       52,879  
Operating expenses                
  Selling, general and administrative     363,900       456,689  
  Professional fees     226,533       234,981  
  Research and development costs     5,091       111,693  
  Depreciation and amortization     36,414       29,409  
    Total operating expenses     631,938       832,772  
    Operating loss     (563,172 )     (779,893 )
Other income (expense)                
  Interest expense     (69,121 )     (3,568 )
  Fair value adjustment derivative liability - warrants     -       75,972  
  Losses from equity method investments     -       (38,481 )
  Gain on sale of investment in Gambitious B.V.     -       -  
  Government subsidy     -       -  
  Other income and expense     -       (4,050 )
    Total other income (expense)     (69,121 )     29,873  
    Net loss     (632,293 )     (750,020 )
Net loss attributable to non-controlling interests     (27,477 )     (14,631 )
    Net loss attributable to Symbid Corp. stockholders   $ (604,816 )   $ (735,389 )
Basic and diluted net loss per common stock   $ (0.02 )   $ (0.02 )
Weighted average number of shares outstanding                
  Basic and diluted     34,924,982       30,741,624  

This press release is for information purposes only and is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy securities of Symbid Corp. (the "Company") in the United States, Australia, Canada or Japan or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction.

About Symbid Corp.
Founded in 2011 as one of the first investment crowdfunding platforms worldwide, Symbid is The Funding Network™, where companies get funded and grow. As a leading online funding portal for small- and medium-sized enterprises, Symbid gives entrepreneurs direct access to traditional and alternative forms of finance, while offering investors full transparency on the potential risks and returns of their portfolio. Advanced investing, monitoring and data tools ensure companies connecting to The Funding Network™ are financed in the most efficient way possible. Built around cutting-edge technology and expert financial advice, The Funding Network™ by Symbid ( is a go-to platform for entrepreneurs in search of funding and investors in search of exciting opportunities. As of October 2015, The Funding Network™ has a monthly transaction volume of approximately $55 million. With over 50 funding partners already connected -- including banks, venture capital, angel investors and 30,000 private (crowdfunding) investors -- the total transaction volume of The Funding Network™ in 2015 is estimated at $800 million. Symbid Corp. is a U.S. publicly listed company (OTCQB: SBID). For investor relations, please visit

Safe Harbor Statement
This release may include predictions, estimates or other information that might be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgement on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. The predictions discussed in this release are based on the personal opinions of certain individuals and are supported by a consensus within the crowdfunding industry and alternative finance world generally. For a more complete discussion of these predictions and certain risk factors which may affect our future business operations, please review our most recent Form 10-K, particularly under the heading "Risk Factors." PDF copies of these forms can be viewed and downloaded on the Symbid Corp. Investor Relations website at

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