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Short Summary
Borderless Banking Reinvented | Radiant Money is a premier digital multi-currency financial platform that empowers individuals/businesses to seamlessly open virtual accounts and conduct secure global transactions with unmatched ease & cost-efficiency
Highlights
- Partnership with Visa, Currency Cloud, Clear Bank, GBG, Iwoca & Youlend
- Daily local banking, Card Transactions in 2 currencies.
- Receive Payments from 180+ countries
- FX Conversions In 58+ currencies, convert and hold for 12 months.
- FPS, CHAPS, BACS, Swift Payments
Overview
| Target | 90,000,000 |
| Minimum | 9,000,000 |
| Investment Raised | 0 |
| Previous Rounds | 0 |
| Stage | Breaking Even |
| Investor Role | Any |
The Business
Market Opportunity: * Digital banks can do more: Despite a recent global surge in the adoption of digital banking, neobanks account for less than 5% of cross-border payments globally. www.bcg.com *Over the next 5 years, revenues in the fintech industry are expected to grow three times faster than those in the traditional banking sector (15% vs. 6%). www.mckinsey.com. *Global Cross-border payments will reach over $250 trillion by 2027, equating to a rise of over $100 trillion in just 10 years. www.bcg.com. . Solution: *Local Payment Capability that simplifies cross-border transactions. *Unified Multi-Currency Account Solution for individuals and businesses. *Competitive exchange rate *Instant Transfers *Multi-Platform Access *Ongoing income
The Market
Market Size *$240B- Total Available Market (TAM): Global Cross-border Revenues 2022 *$6B-Serviceable Available Market (SAM): Digital Cross-border Revenues 2022 $3.4B- Serviceable Obtainable Market (SOM): Selected market segments *immigrants, SMEs, freelancers, foreign students, and digital nomads* * The global cross-border payments market is projected to reach $250 trillion by 2027, a rise of over $100 trillion in just 10 years. Radiant Money is positioned at the forefront of this massive opportunity. Competition: * Radiant Money: Low fee, speed, 24/7 customer support, accessibility, transparency, BAAS. * Traditional Banks: Expensive, delay, hiding fees * Lemfi: Poor support, remittance only * Revolut: poor support
Progress/Proof
* Licensed by the Financial Conduct Authority in 2017 for money remittance * Evolved into a multi-currency digital platform with advanced banking functionalities and a multi-currency FX feature in June 2024 with advanced API integrations and AWS cloud-based storage. * Strategic partnerships with industry leaders like Visa and Currency Cloud. * 3,000+ customers have been transitioned from our money remittance platform to our digital banking platform. * Generated £3.9 million in revenue last financial year. * Marketing activities and new customer onboarding. * Platform upgrades and new product introduction.
Objectives/Future
Financial Projections/ The future in view: * Year 1 (FY ‘25) 1.135mn transactions £5.73mn revenue 9% net profit margin * Year 2 (FY ‘26) : 2.754mn transactions £8.17mn revenue 11% net profit margin * Year 3 (FY ‘27 5.062mn transactions £11.66mn revenue 14% net profit margin Following our successful launch in the UK, we aim to expand into the EU market by 2025. License process is in progress.
The Team
? Tayo Babatunde- Chief Executive Officer | Driving Business Excellence and Pioneering Strategic Growth Initiatives. ? Dr Jacob Abegunde- Chief Technology Officer: a well-motivated individual with great enthusiasm for teaching and the application of cutting-edge information technology to business management. ? Oladipupo Ajibona- 10 years experience in business operations and financial management in multiple industries. ? Babatunde Iwajomo-Chief Finance/ Compliance Officer: 15 years experience in Sales, Business Dev., Operations and Global supply chain mgt. ? Bukola Aghachukwu-Chief Business Analyst Officer: Expertise in the financial services and information technology industries
Tayo Babatunde
CEO
As a dedicated wife, mother of three beautiful children and an entrepreneur, I have successfully navigated the complexities of various industries, demonstrating adaptability and strategic acumen. Starting in the UK Healthcare sector, I optimized operations and ensured regulatory compliance, laying the groundwork for sustainable practices and business growth. Progressing into the Financial Services industry, my focus shifted to creating innovative strategies and fostering strong client relationships. I expertly navigated the intricacies of financial planning, asset management, and compliance, even amidst unpredictable economic scenarios. In the realm of Property Investment & Management, I strategized investments and portfolio management.
Jacob Babatunde Abegunde
Jacob Babatunde Abegunde
A well-motivated individual with great enthusiasm for teaching and the application of cutting-edge information technology to business management. I have 7 years of experience working as a system and network administrator in a commercial bank in Nigeria, 15 years of experience working as a senior network and security consultant in a University in the United Kingdom and 5 years of experience working as a senior lecturer in the same University in the United Kingdom.
Oluwabukolami Aghachukwu
Chief Business Analyst Officer
Strategic and results-oriented Senior IT Business Analyst with diverse expertise in the financial services and information technology industries, including fintech, banking operations, core banking software deployment, data migration, project management, client relations, and business transformation
The Deal
Looking for PKR 914,000,000 - Min per Investor PKR 9,100,000 We are seeking to raise a £2.5 million seed round, providing a financial runway of 24 months. The funding round is expected to have a financial runway of 24 months Use of Funds * Operational Expenses: 20% * Partnership Development: 10% * Technology Dev. & Fixed costs: 40% * Marketing & Customer Acquisition: 30%