The "smart" bank account app with an artificial intelligence personal financial assistant Alice
Business overview
Location | London, United Kingdom |
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Social media |
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Website | www.londcap.com |
Sectors | Finance & Payments Digital Mixed B2B/B2C |
Company number | 12689803 |
Incorporation date | 22 Jun 2020 |
Business highlights
- Live exchange money service at interbank rate* under FCA licence
- Network of over 30,000 companies and over 40,000 investors
- Fully Tested basic Web, Android, iOS app that can be launched
- Development of data, behavioural artificial intelligence platform
Idea
Introduction
The Problem
The lending process, whether loans or mortgages, hasn't changed a lot during the last decade. When assessing applicants’ financial reliability, lenders globally have traditionally relied on credit scores and reporting agencies, employment history, regular income, recent bank account and payment history.
The Solution
Build a mobile app which uses artificial intelligence and machine learning to enhance customers credit profile and make borrowing more accessible. Allowing higher loan amounts, lower interest rates and better loan and mortgage offerings. We aim to lend microloans to underbanked customers. This will enable credit cards access to customers without credit history or national insurance number. Our customers will have the ability to choose from a set of different payment options ranging from paying directly (up to 30 days later) to multiple interest-free rates. Our ambition is to facilitate loan and mortgage approvals via mobile devices in the space of a few hours.
Substantial accomplishments to date
March 2020- Established a network of over 30,000 companies and 40,000 institutional investors ready to be targeted and converted into customers.
March 2020 - Final phase of development and testing of a full web, Android & iOS compatible app complete with GB & EUR IBAN account, currency exchange, payment features and a prepaid card.
May 2020 - Agreed contracts with Electronic money institution, a firm regulated by the FCA and European bank to start to operate as an agent.
July 2020 - Launched exchange money service at the real (interbank) rate and the most competitive (based on market research) markup compared to the major neobanks.
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July 2020 - Launched exchange money service at the real (interbank) rate and the most competitive markup compared to the major neobanks.
August 2020 – Final discussions ahead of formation of Advisory Board with 3 C-level executives with strong payment industry experience, in preparation for go to market launch.
Monetisation strategy
We make money in different ways, allowing users best experience according their needs:
· Foreign exchange commission. When a customer exchanges currencies they will perform a cross border money transfer.
· Interchange commission that is paid each time customer conducts payment with a prepaid debit card.
· Monthly platinum subscription that will offer more competitive banking service rates, relevant rewards, discounts from retailers, hotels, airlines, restaurants and other partners that are tailored specifically to customers.
· Commissions from third-party partners that are offering rewards and third-party offers based on customer specific needs, tastes and risk profiles (mortgages, car loans, insurance, etc.).
· We intend to provide loans later as an agent lender, which will generate additional interest income.
· Merchant payments commission.
Growth prospects:
· Help customers in other areas and earn commission.
· Scale globally.
It’s a huge market and so far we’re just scratching the surface.
Use of proceeds
· Launch full web, Android, iOS app with GB&EUR IBANs, SWIFT, SEPA, Faster payments, prepaid Mastercard**, as an agent of EMI licence holder in UK and Europe.
· Build a team 3 software developers, 1 designer, 1 behavioural scientist, 1 senior executive with strong payment industry experience.
· Fund business model to achieve 50,000 monthly active users.
· Product Designs with partners.
· Prepare business for series A fundraising round.
*Markup applicable.
** LONDCAP has a preliminary agreement with Mastercard and VISA card provider, yet it is not guaranteed that LONDCAP card won’t be issued by another payment system.
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