Snowball Christmas shutdown info

  • Written by Snowball Effect
  • Published on

Dear investors,

As the year draws to a close we wanted to provide you all with a general update on your recent investment through Snowball Effect. You are receiving this email because the offer in which you invested won't be formally wrapped up until after Christmas:

  • If you have made an investment, completed the compliance steps, and your funds have been direct debited or transferred, then we will be aiming to issue your shares/notes in January.
  • If you have made an investment, and are yet to complete the compliance steps, and/or your funds have yet to be taken or transferred, we will pick this process up when we return to the office on the 8th January 2024. As you have completed the investment process, you have a binding agreement with the company for the investment, so you're not going to miss out. 

If you are interested in a more detailed explanation, we've prepared an FAQ section for all investors below.

The Snowball team is taking a well-earned break from 22nd December to the 8th January, when most of the team will be back. 

In the meantime, have a wonderful Christmas and New Year, and we look forward to providing you with a new, wider range of investment opportunities in 2024!

The Snowball Effect Team

Is my investment secured even though I still need to complete compliance checks and make payment?

Once you have made an investment on the platform and received a confirmation email, you have made a legally binding investment. As long as you subsequently complete your compliance requirements and settle the funds, your investment is secured. You will not miss out on your investment while we are processing your transaction.

How long will it take to process and complete my transaction?

Investment processing times are currently taking up to several weeks. This means that you may not hear from us for some time after making an investment. We will contact you if we need anything further from you.

When will my direct debit be run?

Your direct debit will only be run once you have completed your compliance requirements and we have checked them off. You will receive a notification from us the day before the direct debit is processed to allow you time to ensure you have enough funds in your account to pay for your investment.

When will I receive payment instructions to pay for my investment?

You will be sent payment instructions once you have completed your compliance requirements and we have checked them off.

Why am I being asked to complete compliance checks?

Compliance checks are a mandatory requirement for us to complete and are prescribed by the Financial Markets Authority who is our regulator. We are not able to accept any investments if we are unable to complete the compliance requirements.

When will my shares be issued?

Once you have made an investment, completed your compliance checks, and settled the funds for your investment, your shares will then be issued along with all investors once all transactions have been processed. Your shares are not issued immediately once you have completed your compliance checks and made payment as the shares are issued to all investors at the same time once all investments have been processed.