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PayRue

Profile
PayRue is European based wallet focusing on exchange, transfer, and storage of cryptocurrencies.

SEIS

Location
GB London, United Kingdom

Categories: Finance & Payments Digital B2C

Social Media
Website
www.payrue.com
Company number
11482610
Incorporation date
25 Jul 2018
Investment sought:
£100,002
Equity offered:
1.96%
Funded 9 Sep 2019
Investment
amount:
£118,098
Valuation
(pre-money):
£5,005,156

Idea

Introduction

PayRue is a London based cryptocurrency wallet and exchange provider. PayRue was founded by Mikael Olofsson and Ingemar Svensson who have more than 20 years’ experience in financial services and financial technology firms in both London and New York such as ICAP, Barclays and Bank of America.

PayRue was founded in 2018 to support the growth and mass adoption of cryptocurrencies by offering an application that allows people to exchange, hold and transfer cryptocurrency in a user-friendly way supported with competitive commission and high security.

Our application is available all over the world through the Apple Store, Google Play Store and as a Web application.

PayRue is offering services that will support the growth for cryptocurrency as a new emerging asset class. With already built and working technology and growing user base we feel we are well positioned to further expand our user base whilst adding on new services and cryptocurrencies.

PayRue is very excited about the future and is working on numerous applications, services and blockchains aiming to offer the best exchange services, customer execution and security. We aim to become a global financial service provider of cryptocurrencies and fiat services.

In the very near future PayRue plans to include adding fiat to crypto services, debit cards and insurance.

Cointransfer 3x

Intended impact

Having been active in the cryptocurrency world for a long time, both personally and as a business, we found a lot of things were complicated and painful, especially early on. Decentralization and user control sounded like great ideas, but as a novice user, the pain of managing keys and installing old fashioned desktop applications felt backward.
We started to imagine an app which could take the pain away and manage some of the complexity yet still give us full access to this new decentralized world. An app that would be simple to use and that could offer more than just a wallet.

So we came up with PayRue - an ecosystem and a suite of functionality and services which is designed to cover the needs of users at each level.

My wallets 3x

Substantial accomplishments to date

- PayRue has grown their user base over 22k registered users and over 4,500 KYC approved users since official launch in March 2019.
- The application is live on iOS, Android and Web app.
- The company has been self-funded so far
- We are live and generating revenue.
- Regulated in Estonia for Crypto exchange and Digital Wallet services.
- Patent and Trademark PayRue for UK and EU.

Coin transfer 3x 1

Monetisation strategy

PayRue offers exchange services of BTC, ETH, XLM, Propel and USDC. Users can also scan a QR code to transfer the exact payment for goods and services.

- Commission based revenue is earned on transfer, exchange and payments. 0.1% on transfer and 1% on exchange services.
- Propel is the native reward Token of PayRue that allows you pay commission on transfer, exchange and payments with 50% discount. 100 Propel is rewarded to any PayRue user who complete the KYC registration.
- We aim to launch monthly subscription to support a suite of services in 2020.
- Issuance of digital wallets and debit cards.

Confirm your identity 3x

Use of proceeds

- Allocation of funds will be invested 40% product development, 40% marketing and 20% admin.
- The development of the product is in line with the ambition to add further coins, debit cards and features to the overall PayRue proposition.
- Develop the company towards our Series A Round.

To access the PayRue team biographies, including current ownership

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Investing carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

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This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.
This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.