27 Nov 2023 by rate3

System (Application):

Product Description:
Instant, affordable remittances.

Developers' Community:
No public-facing community.
Dev team of 6 with expertise in informatics, system design, and data pipeline.

Governance Model:
US entity (LLC) and Philippine subsidiary.
Manager-managed by COO and CLO, transitioning to a C-Corp in January.

Consensus Algorithm / Base Layer:

Internal Blockchain on AWS.

Competitors:

Western Union, Wise, Remitly, SendWave.

Number of Users/Customers:

Pre-launch, no active users yet.

Vision (Market):

Market Size:

Targeting the remittance market competing with established players.

Social Media Presence:

Limited followers on Twitter, no presence on Telegram or Discord.

Execution (Business):

Business Model:

Small commissions on ecosystem transactions.

Road Map:

Pre-seed round completed, beta MVP developed.
Seeking seed round or series A for the US-Philippines launch.

Financials:

Burn rate of $20k/month with 6 months runway.
Significant one-time legal and licensing fees.
Angel round raised $500,000 at a $3m post-money valuation.

Governance model defined in the US entity.
Holds necessary transaction licensing through sponsor banks.

Token (Financial Proposition, Tokens):

Fundraising:

Seeking $2.5m - $5m on a $15m - $25m valuation.

Valuation Support:

Strong bank deal underpins the valuation.

Political Dimensions:

International Operations:

Presence in the US and the Philippines.
Legal and licensing considerations for international money transfer.

Summary:

The startup focuses on instant, affordable remittances, targeting a market dominated by established players. The lack of a public-facing developer community and a limited social media presence indicates a potential area for improvement in building a community and brand awareness.

The governance model, transitioning from an LLC to a C-Corp, adds transparency and scalability. The internal blockchain on AWS showcases a commitment to a secure and scalable infrastructure.

Financially, the burn rate and runway, while currently stable, raise concerns, especially considering the significant one-time legal and licensing fees. The high valuation, supported by a bank deal, provides some foundation for fundraising.

The political dimension is addressed through legal structures and licensing for international money transfers. The roadmap suggests a strategic approach, having completed pre-seed and beta stages and now seeking funding for a US-Philippines launch.

In conclusion, the startup faces challenges in community building and financial sustainability, as well as in legal considerations also its valuation is high, at the same time its strategic roadmap is strong.

Overall, it provides a risky outlook for potential investors.