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Edinburgh-based fintech platform Recast raises $5 million in funding spherical led by Morpheus Ventures

Jul 9, 2024 | blog

Recast, the pioneering Edinburgh-based fintech-for-media platform, has efficiently closed a $5 million funding spherical. This spherical was led by outstanding US-based enterprise capital agency Morpheus Ventures, with extra investments from Airstream Ventures and Cooley.

Recast goals to grant shoppers entry to any digital content material whereas guaranteeing a good and fast worth alternate for everybody concerned. Its modern expertise permits media house owners to maximise distribution, monetisation, and first-party knowledge seize, successfully addressing the problems of subscription fatigue and churn. The new funding will assist additional growth of Recast’s API-centric good cost platform and improve its micro-payment pockets, enabling the sale of digital commodities throughout the web, past its present give attention to video and reside streams.

Morpheus Ventures, famend for supporting transformative expertise corporations, recognised Recast’s potential to revolutionise the media fintech panorama. Joseph Miller, Managing Partner of Morpheus Ventures, commented, “Much like Shopify revolutionised e-commerce with its versatile platform, Recast is set to transform digital content monetisation and distribution. Supported by Recast’s advanced smart payment platform and micro-payment wallet, we are confident that Recast has developed the right product at the right time.”

Airstream Ventures, co-founded by Gavin Petken, former Head of Investments at Business Growth Fund, and Ed Woodward, former Executive Vice-Chairman of Manchester United, additionally strengthened its preliminary funding. Petken remarked, “Recast’s proven data capture and monetisation capabilities made our decision easy. With a significant portion of the world’s population under 24 and a shift towards direct-to-consumer models, particularly in sports, Recast’s model excels. Recast’s solution enables rights owners to quickly and seamlessly unlock latent value from customers, making it a perfect fit for the Airstream Ventures portfolio.”

Originally based as a vacation spot streaming platform, Recast has advanced right into a fintech resolution built-in into media house owners’ digital platforms. This funding will allow Recast to additional develop its good cost platform and micro-payment pockets by way of an open API, extending its capabilities past video to any digital belongings, enabling configurable rewards, and integrating a number of digital currencies.

Recast’s Proprietary Technology Includes:

Smart Payment Platform

: Manages pricing and media distribution effortlessly, guaranteeing earnings are content material asset-specific and obtained immediately by media house owners and associated events instantly from the patron.
Smart Syndication Engine: Integrates Recast’s resolution onto media house owners’ platforms, considerably amplifying attain and revenues. By participating athletes, influencers, and associates, the syndication engine ensures they earn a charge from each sale generated through media they host or share, creating a sturdy, self-sustaining ecosystem of content material distribution and monetisation.
Innovative Digital Wallet: Establishes a worth alternate between advertisers, content material house owners, and shoppers, incentivising actions like survey participation or sharing content material or knowledge. The pockets facilitates micropayments or single transactions instantly and instantly to the content material proprietor.

Andy Meikle, CEO of Recast, acknowledged, “Our fundamental belief has always been to ensure universal access to content while ensuring fair and immediate value exchange for everyone involved. What began as a streaming service has now transformed into a dynamic fintech platform for the entire media industry. With Cooleys’ legal prowess, Airstream Ventures’ deep connections in sports, media, and entertainment, and Morpheus Ventures’ extensive network and track record, we have the right strategic ingredients to realise our vision.”

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