Turn your phone into a payment terminal & accept in-person payments without transaction fees
Business overview
| Location | London, United Kingdom |
|---|---|
| Social media | |
| Website | sway.money |
| Sectors | Finance & Payments Mixed Digital/Non-Digital Mixed B2B/B2C |
| Company number | 13808531 |
| Incorporation date | 20 Dec 2021 |
Investment summary
Business highlights
- Gross payment volume grew to £100K within the first 6 months*
- Over £108k in payments processed in the month of April 23*
- 260+ small businesses have used Sway to date
- Transactions grew by 48% from Feb-March 2023*
Key features
Idea
Introduction
We turn phones into payment terminals. This means a business can take digital payments without external card machines, initiating an easy and instant transfer from the consumer’s bank account directly to the merchant’s. We built a digital payment system disconnected from cards.
An estimated £48B is spent per year on card fees in Europe alone, and small businesses are the most affected by it, paying 2-4% per transaction. We exist to disrupt this model and provide a simple, easy and affordable alternative to cards or cash.
Open Banking regulation (PSD2) opened the door to innovation in the payment sector, plus card fees keep increasing.
Research by Juniper Research says Open Banking payments will reach €102bn/year by 2026, a 2,800% increase over the next five years.
Substantial accomplishments to date
We grew our monthly Gross Payment Volume (GPV) from £0 to £100,000 in less than a year of launch (May-September 2022)*.
The interest in our product has seen near-consistent growth since launch, with transactions growing by 48% from Feb-March 2023*.
Some key points to date:
— Over 7,500 payments made using Sway since our launch
— More than £650k in payments processed through our platform*
— +260 small businesses have used Sway to accept at least one payment, including taxi drivers, health clinics, hairdressers, furniture stores, etc
— 72 recurring customers (& growing) on the Sway payment plans
— +4,600 consumers have used our new payment method to pay for products/services
*Based on unaudited management accounts
Monetisation strategy
Transactions are a basic need of every business and as such should remain free. We charge for the value created on top of payments. Below is a breakdown of our available plans.
Use of proceeds
We'll be spending our money on three main things: Marketing, product and operations/hiring.
Key Information
Share Class Structure
Sway currently has two share classes: A Ordinary and Ordinary. Both share classes have equal dividend and voting rights. All investors in this round, including Seedrs investors, will be receiving A Ordinary shares.
On liquidation or an exit, proceeds will be distributed to shareholders in the following order (distributed until available proceeds are used up):
1. First, the A Ordinary shareholders will receive their investment amount;
2. Secondly, a catch up mechanism will apply in increments, such that after the operation of the catch up the A Ordinary and Ordinary Shareholders return will be equalised as if the preference did not apply.
3. Finally, the balance will then be distributed to all shareholders pro rata as if all shares were of one class.
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If you successfully purchase a share lot of this business, you will be granted access.
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