Bayfikr is an impact-led FinTech enabling migrants to make cross-border bills & value-added payments.
Business overview
| Location | London, United Kingdom |
|---|---|
| Social media | |
| Website | www.bayfikr.net |
| Sectors | Finance & Payments Digital B2C |
| Company number | 12522212 |
| Incorporation date | 17 Mar 2020 |
Investment summary
Business highlights
- Bayfikr is live in 48 countries
- We are revenue generating & have 8500+ downloads.
- We have access to 2000+ billers across the world
- Our payments are growing at 30% MoM (Mar '22 - Jun '23)
Key features
Idea
Introduction
Bayfikr is by migrants, for migrants. With a goal to serving the 9 million migrants in the UK, and beyond, Bayfikr is an impact led FinTech empowering migrants to make value-added payments in their home countries, along with traditional remittances, without the need to setup bank accounts. With Bayfikr, users can pay for utility bills, university fees & more, in their home countries directly from their UK bank accounts.
Imagine you are a migrant & have to pay for your family’s hospital bill back home. We think you can do so in at least these 3 ways. 1) Someone trustworthy pays the hospital. You then send money to that person. 2) You send money to your home country account and pay the hospital. 3) You send someone cash who then pays the hospital. We believe these methods are costly, time-consuming & inefficient.
Not anymore. With Bayfikr, you login, select a biller (hospital etc.) & pay directly from your UK account instantly. No need to remit money to someone or your home country account.
Substantial accomplishments to date
• Live in 48 countries including the USA, EU and UAE
• Processed over £1.5m in payments
• Over 8500+ in downloads
• Live in 48 countries including the USA, EU and UAE
• Payments growing at average of 30% month over month
Monetisation strategy
We have 4 main revenue streams:
1) For every bill payment, we charge a 1.55% fee.
2) For remittances to certain corridors (Pakistan), we get rebates from national governments. The rebate amount is $5 for every transaction over $100.
3) We sell 3rd party products on our platform and for every item/product we sell, we get a commission.
4) We earn FX income on every transaction. This varies depending on the currency and volume.
In the near future, we plan to introduce B2B payments and will earn fees and FX income.
Use of proceeds
Funds will be used for:
Marketing : Our goal is to double our user base through both online marketing (social media, Google ads), on-ground channels (community centres, flyers etc.) & promotions (referrals). All the above are for new user acquisition.
Part of the marketing budget will also be used to retain customers by offering them incentives to keep using the app.
Expansion: We plan to expand our product to other migrant communities and increase the number of billers on our network to drive more revenue.
Team: A larger team ensures a faster product life cycle and better marketing which in turn will help increase revenues.
We will hire additional members to enhance our tech & marketing teams. Hires will include a full stack developer & a digital marketing manager.
Product Enhancement: We will improve the UI/UX further to not only increase retention but also increase acquisition.
Operations: Part of the funding will also support ongoing operations.
Please note: £18,500 of the investment reflected in this campaign was received by the Company in the 6 months prior to the launch of the investment round on Seedrs and the Company has started putting this to use.
Key Information
Share Classes
The company currently has 2 classes of shares, A Ordinary and Ordinary. All investors in this round, including Seedrs investors, will be receiving A Ordinary shares.
The rights attached to the share classes are as follows:
1. A Ordinary shares:
Class of ordinary shares with voting and dividend rights and with a 1x non participating preference on exit or liquidation.
2. Ordinary shares:
Class of ordinary shares with voting and dividend rights.
Company Structure:
Investors in this round are investing into and will become shareholders of Istimar Limited (12522212). Istimar Limited has two fully owned subsidiaries in Pakistan and Canada, both named Istimar Tech Pvt Ltd.
These subsidiaries are set up for licensing and operational purposes in the above mentioned countries.
Services from Daytona Capital Management
Istimar Limited has an ongoing partnership agreement with Daytona Capital Management (DCM), an international money transfer provider, which allows Istimar Limited to facilitate international money transfers. Daytona Capital Management (8820633) is regulated by the Financial Conduct Authority as an Authorised Payment Institution (under FRN 624019) to enable it to provide these services.
Through this partnership agreement, DCM provides Istimar with the technology and network to allow them to operate money transfers across various international locations. Istimar Limited pays a commission (as a percentage of remitted amounts) on each transaction to DCM as part of this agreement. Either party can terminate this agreement with 3 months notice.
Further into the future, Istimar Limited plans to become FCA regulated to enable the company to provide international money transfers without relying on other companies.
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