- Investment sought:
- Equity offered:
- Mobile Banking which is Digital Asset & Cryptocurrency friendly
- Innovative customer acquisition via partner communities
- Launched Baanx App and 3 Partner branded Mobile Banking Apps
- Cutting-edge services in remittance, spending & blockchain
Baanx is a Mobile digital banking application, payments engine and cryptocurrency platform. September 2019 saw Baanx Group launch GBP & EUR Debit Cards & Virtual Accounts across 30 countries through the Baanx App and Banking brands via our white-label solution.
Our customer acquisition process is innovative, as we aren't just B2C, but B2B2C - which means we piggy-back on successful brands' customer bases to avoid high customer acquisition costs and can expand fast.
- Partner with a successful and proven user community
- White-label as them, launching through our fast-deployment model
- Fully manage all the operations and ensure compliance
Baanx CL already has a CL™ VISA Debit Card, a Crypto-Exchange, Crypto-Payment Gateway with high limits, Stablecoins and exciting features, like enabling users to send Crypto & Stablecoin by SMS - tethering addresses to Mobile Numbers to finally make Cryptocurrencies easy to use, send and spend.
In short, the Baanx vision is highly ambitious. We are building an alternative financial infrastructure, running adjacent to the existing financial system from end-to-end. Harnessing the potential of blockchain technology to launch mobile banking brands that connect user communities together in the Baanx network.
Powered by an internal blockchain platform we are able to create efficiencies in banking, international remittance and provide easy access to banking services for everyone - from HNWs through to the under-banked - and aim to take revenues and profits away from traditional banking and fintech to return to user communities in big savings; returning value through reward schemes and innovative financial products.
Baanx is partnering with new brands in new countries and regions, most of which are not in banking already, but have large user communities to connect together - this model allows us to grow our financial network.
Substantial accomplishments to date
- Baanx began in January 2018
- Later in 2018, we started our first equity Seed round, which closed January 2019 having raised £870,000 from Angel Investors.
- By 2019, we had an MVP, the iOS app for our Baanx B2C brand, offering secure digital wallets, stablecoins and one of the most user-focused mobile cryptocurrency exchanges on the market.
- Around the same time, we launched our first white-label product, partnering with a blossoming investor community.
- The Baanx platform has almost 10k users signed up to date and has successfully delivered three Mobile Banking brands with Debit Cards, Virtual Accounts, which crucially, are Blockchain & Digital Asset enabled and approved - a rare product which we are so proud of and excited to keep building!
- Baanx is aiming for a target of 100,000 users by Q2 2020 with the help of Super Seed Investors in this Investment round.
Baanx generates revenue from:
- Launching partner mobile banking brands to user communities. We charge a one off License fee and a monthly maintenance and license fee (SAAS model)
- Providing Mobile Wallets to all users. We charge small % of transactions.
- Debit Cards & Virtual Accounts to Baanx users and user communities of our Partner brands. We retain a small % of transaction fees.
- Crypto-Exchange Sales.
- Wallet-to-Wallet Transfers by SMS - Mobile Texting of Cryptocurrencies.
After the Super Seed we plan to roll out:
- Lending Services.
- Savings Accounts.
- Native Currency Debit Cards including USD and cards in Asia & South America.
- International Remittance services with FX integration to connect our user communities across the globe.
Use of proceeds
Baanx will give a free Debit Card to all investors in the Super Seed round in optional currencies GBP, EUR and shortly USD, we look forward to sending you yours!
With the proceeds Baanx will:
- Hire additional team members to grow our team of 16 to 25 to handle launching new brands
- Spend funds on marketing (conferences, upgrade website + marketing materials).
- Spend funds launching our services in Asia and South America
- Deliver further currency cards to connect to our partner communities
- Investee Company - Baanx Group Limited
The investment in this round will be made into Baanx Group Limited (BGL), which owns the IP and technology subsisting in the platform. It is the entity providing managed services to clients as well as managing the operations of the platform and mobile apps
Managed services include managing mobile applications such as technology and user support, development and release, as well as compliance, operations, KYC, legal elements and providing all staff to run the apps and operations.
Managing the actual full end to end delivery of all services to the users of the platform for both Baanx App and all white-label apps.
- Wholly-owned subsidiary - Baanx.com Ltd
This company owns the B2C app and all services provided by Baanx.com Ltd are managed by BGL. Prior to closing Baanx.com Ltd will become a wholly-owned subsidiary of BGL.
The founder of BGL separately owns the following companies, which operate in the industry. The intention of the founder is that these companies, along with BGL, will be consolidated under a single holding company in the future. The shareholding in the new holding company will replicate the shareholdings in BGL immediately after this internal restructure, such that shareholders in BGL will own the entire group of companies should the restructure be carried out.
Please note that all payroll and other costs associated with running the below companies are borne by BGL.
- Global Business Holdings (currently 100% owned by Garth Howat)
This company is the issuer of the Currency Life card, owns the partnership with VISA as well as other partner banks, and the “Currency Life” trademark.
- Emoney Cards Ltd (currently 100% owned by Garth Howat)
This company is currently applying for an e-money license with the Central Bank in Lithuania.
- Optimal Search Ltd (currently 80% owned by Garth Howat and 20% by another individual)
This company is a credit-broking company based in the UK and provides lending services elsewhere in the EU and elsewhere. In the future, the company intends to provide services to Baanx Group Limited. Optimal Search Limited has FCA licensed abilities to facilitate lending services between a lender and the end receiver of the loan.