Fintech 11Onze hits gold with the launch of its “preciosos” offer
It’s a first in the history of Catalan community: first collective purchase of gold.
Within a couple of weeks of the launch of “preciosos”, community fintech 11Onze has made the first collective purchase of gold for its community. Given the increasing inflation and unpredictable markets, Catalan community has decided to invest in the precious metal for a stable future. The first order of 11 kilos of gold will be arriving soon at La Plaça. 11Onze decided to offer its 13,000 members the first right of refusal.
“The community’s response has been overwhelming. So much so that now we are already working on our second order,” 11Onze product head Issac Séne said.
Furthermore, it is worth mentioning that this would have not been possible without the trust of our members, revealed James Séne, Chairman, 11Onze. “In fact, the trust they have in 11Onze, has provided the basis for a new category in the industry “Pay Now Buy Later”.”
“Indeed 100% of our customers have disbursed the funds weeks before the purchase date allowing us to hedge the market volatility of bullion gold prices provoked by the combined effects of inflation and Ukraine crisis. ‘Pay Now buy Later’ is to investment, the same as ‘Buy Now Pay Later ‘is to credit and it would not be possible without trust.”
We are always looking at ways to help our community find innovative ways to save money and make informed decisions on investments, added Issac. “Basically, through economies of scale we are able to offer increasingly competitive prices”.
When there is increased unpredictability in the market, people gravitate towards buying gold and land. This is the same reason why house prices continue to rise: people with large savings are looking to convert their money into assets so that they do not lose value.
“For months, we have been warning that inflation, the debt crisis, and the international situation make it advisable to diversify savings to avoid a depreciation of our money. Buying a home is very expensive, but buying gold on 11Onze can be done for as little as €3,000. We are looking for a way to democratise the protection of savings. We hope that other institutions will follow our lead. For now, they only offer these products to their most valuable customers,” explained Issac.
The importance of extreme compliance required for launching a product like preciosos, cannot be exaggerated, explained James Sene, chairman, 11Onze.
“Our new offering was made after proper due diligence. We have monitored the whole process, from raw material purchase, to actual creation of physical bars, passing by analysis and certification. Then, finally custody with a third-party provider. All this to ensure that we provide a reliable and secure product to our community. All this we managed in a record time.”
“It pleases me to say that this along with efficient implementation of Know Your Customer (KYC) and Anti Money Laundry (AML) procedure to qualify the community buyers constitutes an unprecedented achievement in the fintech industry.”
“In recent weeks, the price of gold has continued to rise, but it hasn’t deterred interest in buying gold. With the war in Ukraine and its impact on everything from inflation to interest rates, gold is seen as a viable investment option, “explains Isaac concludes.
