Billmonitor was founded by a quintessential Oxbridge boffin who had an idea to use complex maths and statistics to design a new type of price comparison tool for mobile phone services, one that disregarded commission while delivering maximum savings to its users. He teamed up with two more academics and, after several years of hard work, Billmonitor was born.
So, what does all that mean for you?
We offer a more reliable way for you to choose your mobile service. Our tool analyses your ACTUAL usage from the last 3 months of billing data, which ensures that you only buy what you need, whether you are a massive data user, maniac texter or world-roaming traveller.
Billmonitor offers fully digital and online consumer services as well as consultancy-led business services, both of which are supported by a superb team of highly-competent staff.
The UK mobile phone market has over 83-million mobile subscriptions and is worth nearly £18-billion in revenues.
The market itself is like a big murky pond, and it has taken years of complaints to goad Ofcom, the UK telecoms regulator, into monitoring it correctly - the regulator’s "Text-to-Switch" initiative finally came into effect in July 2019 and the "Contract-End-Date-Notification" will commence early-2020.
While these new rules will help, we are a long way off a truly fair and transparent mobile tariff system and obfuscation is still one of the key tools used by the main telecoms players. Think of the big pond and see the network operators and the 'independent mobile phone agents’, etc. as sneaky sharks in dolphin's clothing...
Using precise maths, Billmonitor challenges these pond dwellers and offers the only solution that takes account of your actual bills. It can process consumer and business accounts, generating money-saving recommendations for you!
See how it works...
Substantial accomplishments to date
Billmonitor's research shows that consumers are overpaying by 66% and SME businesses by an incredible 96%. This insight has enabled Billmonitor to identify savings on average of 40% or £148 annually for consumers and 49% or £195 annually for SMEs.
Over the last two years, Billmonitor's journey to change the market has gathered significant momentum, driven by our expansion into business services and improving our consumer offering.
The management team aims to further expand Billmonitor's client reach, targeting further revenue growth and to achieve sustainable profitability in the future.
Billmonitor focuses on fully digital online consumer services and consultancy-led business services.
- Ofcom's introduction of the new "Text-to-Switch" rule in July 2019 and the announced "Contract-End-Date-Notification", starting early 2020 will transform the consumer market, opening up new opportunities for us
- We would like to achieve a doubling in our unique visitors from our current c.14,130 and achieve a conversion rate of 2.75%.
- Last financial year we delivered over 400% growth, primarily from Business Renewals
- We increased the number of connections under Business Monitoring from under 100 to over 2,300 by May 2019
- The management team aims to further expand Billmonitor's client reach, targeting c.75% revenue growth over the next three years
Significant upside potential through partnerships
- We are working on several possible cooperation strategies, designed to boost profits. But, it is crucial that we select a commercial partner who shares our approach of 'putting the client first'.
Use of proceeds
The funding requirements are primarily design to accelerate our ability to generate revenues from our consumer services. The time is now right for this as Ofcom is finally opening up the market to more switching and increased transparency.
Additional resources are also required to expand our Business Services so that we can capitalise on our recent successes in the NHS/health care space with clients such as Barts Cancer Centre and CSH Surrey, one of the largest NHS healthcare provider in Surrey.
While we have already generated a positive cash flow in March 2019, revenue generation is still somewhat volatile. Therefore, we do require additional working capital until we have reached sustainable profitability.
We would expect the following allocation of proceeds:
- c.50% for Consumer Services
- c.30% for Business Services
- c.20% for working capital needs
The company has the following outstanding loans with one of its shareholders:
£20,000 loan at an interest rate of 10% per annum from January 2019.
£20,000 loan at an interest rate of 10% per annum from February 2019.
£10,000 loan at an interest rate of 10% per annum from March 2019.
The funds raised from this investment round will not be used to repay these loans.