Get to know Minted and the people behind the tech

Shahid Munir, one of the founders of Minted explains, “I recall seeing a meme about how the price of a Freddo chocolate had changed over the years, no longer being it’s trademark 10p, it was now 200% more expensive and also smaller in size. This led me down rabbit-hole of trying to understand why most items go up in price as years pass and rarely come back down again. I became fascinated with how the government increases the money supply and the concept of inflation, my money buys me less in the future than it does today. I met with the other two founders that same night and the thoughts extended from my mind into an intense conversation about quantitative easing, Brexit, cost of living – snacks were being consumed faster than the rate of government borrowing. Where could we park our money, what was better than money? and that was when the penny-dropped (pardon the pun). Hamzah proclaimed, “what about gold guys?”.

Hamzah Almasyabi, co founder of Minted continues, “Throughout my upbringing, I had always associated gold with being the ultimate asset for savings, having seen my parents give particular importance to using gold as an asset to be stored ‘for a rainy day’, our attention turned towards finding out more about how to buy gold in the modern day. The deeper we dug, the more we found that the way in which people bought and sold gold hadn’t really changed for decades and was now very much perceived as an asset of the past, no longer at the forefront of Millenial and Gen Z minds. One may argue perhaps the reason for this was the lack of tech adoption within the precious metals industry. Was this the lightbulb moment of the evening? We discussed, Gold + Technology = A modern way to preserve and maintain the value of your money.”

Haroon Siddiq, co-founder of Minted ends with, “It was at this point we decided to conduct some research. When we would approach bullion dealers, they would say “If it’s not broken, don’t fix it.” and when we would speak to our friends and family we were told it’s just a hassle to buy and look after gold. It was at this point we realised that we had stumbled upon a concept that was not only disruptive but served a solution to a problem for the everyday person. We began outlining the roadmap of what would eventually become, the Minted app. A simple, secure, and affordable way to buy precious metals with any budget, which can be used from any app store enabled mobile device. It was important to us that our customers should not be subjected to the high premiums charged by other bullion dealers. So in essence, we cut out the middle-party and approached an LBMA approved refinery to source our precious metals, allowing us to pass on the cost savings to our customers and provide them with the best value and service.”