Wiring your funds
Once you’ve successfully completed Odin’s verification checks, the final stage of the investment flow will be to wire your funds into the SPV.
There are three essential points to ensure that you have correct at this stage before executing the wire:
- The amount that you are wiring;
- The custom payment reference, and;
- Odin’s bank details that you are transferring your funds to.
If you’re on the move and can’t make payment in the moment, make sure you download your payment instructions using the button at the bottom of the page. This will download the payment instructions in PDF format, so you can wire your funds later without having to log back into Odin.
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Understanding the Transfer Instructions Page
On the right hand side of the page, you’ll find a breakdown of your commitment amount, the Odin platform fee (if applicable), the fee charged by the Syndicate Lead (if applicable) and the total due.
If you’re paying your pro-rated share of Odin’s fee, please double-check the amount with your Syndicate Lead as the platform itself only provides an estimate. The true amount due may be slightly different.
The top of the page reaffirms the total due, i.e. the amount that you need to wire as well as your payment reference (highlighted in yellow). This custom payment reference is unique to each deal you invest in, and should not be re-used for successive investments through Odin.
Below this section, you will find the payment instructions listed for your bank transfer, which can be downloaded at any time. These details will vary depending on the deal currency.
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Executing the wire
Please avoid using any saved Odin details to wire funds, as bank instructions and details may change, potentially leading to your payment being refunded.
In your banking app, or through your online banking, select make a payment to a new payee, and input all of the relevant details to set Odin up as a payee.
Please check that the total due, custom payment reference and bank details are all correct before initiating your wire. The sender’s name (whether using a personal or business account) must match the Odin account holder’s name so that we can reconcile the payment.
Once you’ve made the payment via your bank, click ‘I’ve completed my payment’ on the Transfer Instructions page. This will notify your deal lead that the transfer has been made.
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Issues with Payments
It’s understandable that, especially for time-sensitive deals, investors are keen to know the status of their payment and whether Odin has received it.
Odin has a near-100% acceptance rate for payments, and generally-speaking the only times we have issues are when transfers are sent from ‘high-risk countries’ or when the investor’s bank has blocked the transfer.
Odin runs a payment reconciliation every morning. Once payments land, they are reconciled the following day during the morning reconciliation process. Odin also keeps a log of all irreconcilable payments that come through without a reference or a payer name and actively resolves them, so please rest assured we will never ‘miss’ your payment.
If you wire without a custom payment reference, the best action is to contact Odin’s Customer Support team and flag this, sharing the transfer confirmation receipt from your bank. That way, when the payment lands, our Deal Operations team will have a shortlist of investors to cross-check non-reconciled payments against.
If it’s been several days since your transfer was made and Odin hasn’t received it, we can raise the issue with Wise (our banking partner for investor transfers). To do so, we require at the very least a transfer receipt from your bank, and ideally an MT103.
Your transfer receipt must contain all of the following information, with no text obscured:
- Sender full name;
- Sender account number;
- Recipient account number (and SWIFT code if applicable);
- Date of transaction;
- Amount in sent currency, and;
- Payment reference used.
If your bank refuses to approve the transfer for whatever reason, you can share your transfer instruction PDF from the platform, which is designed to function as a capital call. Failing that, Odin can arrange for a director’s resolution letter to be drafted which confirms the transaction and the relationship between Odin and you as the investor. This can be requested from our Customer Support team if other avenues have been exhausted.
If you didn’t transfer enough, or want to increase your commitment, you can simply execute a second wire using the same transfer instructions and payment reference. Once reconciled, the total received will update in Odin. If you didn’t download the transfer instructions originally, you can access them by logging into Odin and clicking the ‘Continue’ button under the amount we’ve received.
If you don’t hold a bank account in the currency the deal is denominated in, or have previously encountered issues with transferring to Odin, our advice is to create a bank account with Wise, which will enable them to wire quickly and easily in any of the three currencies Odin currently supports deals in. Alternatively, we’d recommend creating an account in the relevant currency with Revolut.