PayRue

Idea

Introduction

PayRue is a London based cryptocurrency wallet and exchange provider. PayRue was founded by Mikael Olofsson and Ingemar Svensson who have more than 20 years’ experience in financial services and financial technology firms in both London and New York such as ICAP, Barclays and Bank of America.

PayRue was founded in 2018 to support the growth and mass adoption of cryptocurrencies by offering an application that allows people to exchange, hold and transfer cryptocurrency in a user-friendly way supported with competitive commission and high security.

Our application is available all over the world through the Apple Store, Google Play Store and as a Web application.

PayRue is offering services that will support the growth for cryptocurrency as a new emerging asset class. With already built and working technology and growing user base we feel we are well positioned to further expand our user base whilst adding on new services and cryptocurrencies.

PayRue is very excited about the future and is working on numerous applications, services and blockchains aiming to offer the best exchange services, customer execution and security. We aim to become a global financial service provider of cryptocurrencies and fiat services.

In the very near future PayRue plans to include adding fiat to crypto services, debit cards and insurance.

Intended impact

Having been active in the cryptocurrency world for a long time, both personally and as a business, we found a lot of things were complicated and painful, especially early on. Decentralization and user control sounded like great ideas, but as a novice user, the pain of managing keys and installing old fashioned desktop applications felt backward.
We started to imagine an app which could take the pain away and manage some of the complexity yet still give us full access to this new decentralized world. An app that would be simple to use and that could offer more than just a wallet.

So we came up with PayRue - an ecosystem and a suite of functionality and services which is designed to cover the needs of users at each level.

Substantial accomplishments to date

- PayRue has grown their user base over 22k registered users and over 4,500 KYC approved users since official launch in March 2019.
- The application is live on iOS, Android and Web app.
- The company has been self-funded so far
- We are live and generating revenue.
- Regulated in Estonia for Crypto exchange and Digital Wallet services.
- Patent and Trademark PayRue for UK and EU.

Monetisation strategy

PayRue offers exchange services of BTC, ETH, XLM, Propel and USDC. Users can also scan a QR code to transfer the exact payment for goods and services.

- Commission based revenue is earned on transfer, exchange and payments. 0.1% on transfer and 1% on exchange services.
- Propel is the native reward Token of PayRue that allows you pay commission on transfer, exchange and payments with 50% discount. 100 Propel is rewarded to any PayRue user who complete the KYC registration.
- We aim to launch monthly subscription to support a suite of services in 2020.
- Issuance of digital wallets and debit cards.

Use of proceeds

- Allocation of funds will be invested 40% product development, 40% marketing and 20% admin.
- The development of the product is in line with the ambition to add further coins, debit cards and features to the overall PayRue proposition.
- Develop the company towards our Series A Round.