KrillPay Inc.

Fast remittance to Africa. Recipients in Africa won't have to go to the bank or the currency exchange agent anymore to collect the money. It will be in a digital wallet with built-in currency exchange. Wallet-to-Wallet using our app.

HOW IT WORKS: We are licensing the bank software as a whitelabel, so the bank will securely hold the funds and we can bypass registering as a bank.  We are partnering with a bank in the U.S. and one in Nigeria.  Every KrillPay user will have a virtual debit card  issued by the bank and can also choose a physical debit card.  We will make money from the recipient side: debit (interchange fees), currency exchange fees, ATM/POS machine withdrawal fees, and instant transfer fees.  In some instances the sender will need to pay some fees, such as if they want an instant transfer to their KrillPay wallet from their bank account, such as Wells Fargo. Our fees will amount to a little less than the current fees, which are Western Union, Paypal App, CashApp, etc. on the sender side, and currency exchange fees on the recipient side (ie the money transfer operators send USD which then has to be converted to Naira currency).

We have partnerships in place, such as the fintech service that connects the bank accounts to our app.  

SOLUTION BENEFITS: The pain point that we are solving is huge: the recipient will no longer need to spend hours to get to the bank where there are always long lines and the ATM machines  are empty 40% of the time. And since bank currency exchange rates are terrible, recipients in Africa usually turn to the black market for more favorable rates. We have a currency exchange feature in the app (we will make a little money from the spread with the exchange).  

APP STATUS: We have alpha tested the app and are looking to launch as a beta test in the U.S in March and Nigeria in July. We have contracted with companies in the U.S and Nigeria to perform data validation/market survey.  We have purchased a funding "data room" for the potential investor to access (rather than using a Google Drive).  We are contracting a startup CPA. 

MARKET: The market is huge: 400K Nigerians in the U.S. send $6.2B home every year (ie. $1300/mo.). There are 2.1M African diaspora in the U.S.  Our banking partner in Africa has a package that will also allow us to operate in several other countries in Africa, but we are only launching in Nigeria - eventually we could expand.  

TEAM:  My co-founder is Nigerian and has been sending money home every month for 20 years.  He is a security expert.  He belongs to a 15,000 member diaspora church (he is in Alabama but has a nationwide church) that has pledged to assist us in enrolling candidates for our market survey and beta launch, as most of the congregation sends money home every month. Most of the money we need is for onboarding fees with our bank partnerships, but also we will need to market beyond the church's base, and need to hire a marketer. We also have a compliance expert on our team. 

I have known the co-founder for a few years as I invested in his previous company.  I, myself, have investments in more than 200 startup companies (some as an angel, but most in equity crowdfunding). 

We are conducting ourselves and managing the company to pass your due diligence and allow us to be both fundable and acquirable (PayPal? Western Union? Wise?.....who knows!). We would love your advice, if nothing else.  Thank you for your consideration.