StonePay, a Fintech App for Building Your B2B Business Reputations, Acquires £321,998 via Seedrs

StonePay, which is an app for building and sharing your B2B Business Reputation, has acquired 107% (£321,998) of its £300,000 target from 127 investors (at the time of writing) via Seedrs with 1 day left in the company’s crowdfunding campaign.

Here are the key business highlights shared by StonePay:

  • Our algorithm for reputation rating is based on community inputs
  • Viral process, gamification, and incentives for explosive growth
  • Freemium>Premium to hook the market for serious revenue traction

Located in London, UK,  StonePay operates in Finance & Payments sectors (Digital B2B).

Incorporated in September 2019, the Fintech firm’s investment summary is as follows: Type Equity; Valuation (pre-money) £5.9M; Equity offered 5.18%; Share price £2.95′; Tax relief; EIS.

Key features: Secondary Market; Seedrs nominee min. £11.80 +.

As noted in the update, B2B trading is “a huge and fast-growing market, several times bigger than B2C.” In B2B “a significant number of transactions are settled with payments scheduled over time.”

For this reason, most business persons “all around the world every day has to face two fundamental questions” including:

  • Can I trust this client?
  • Can I be certain that I will be paid on time?

Dealing with late payments is “a problem in search of a solution.”

What’s more, there are (according to StonePay) few incentives “to respect payment terms as late-payment charges are rarely enforced in practice.”

The company claims that they “address that problem.”

The paradigm today “is to rely on ‘Credit Scores’ provided and controlled by credit bureau companies such as Experian, Equifax and Dun & Bradstreet.”

The firm proposes “a new paradigm: the ‘reputation score’.”

As noted in the update, you can “think of StonePay as the Tripadvisor for businesses, where your reputation matters.”

You can “build your business’ reputation or evaluate your client’s reputation based on virtuous payment habits, validated by the supply-chain community.”

While sharing its monetization strategy, the firm noted:

  • StonePay “benefits from the network it creates, gaining additional value as more people use it.”
  • In time, StonePay aims “to achieve multiple revenue streams through offering business services.”
  • StonePay partners “to pay bounties for services offered to Freemium and Premium App users.” The Premium App is “expected to be released in 2023.”
  • StonePay to “receive monthly subscription fees from Premium App users for additional business services.”
  • Stonepay “to receive additional fees from Premium App users for branding opportunities.”
  • StonePay “to receive additional fees from Premium App users for sophisticated reporting capabilities.”

After a certain ceiling, StonePay plans to also receive transaction fees from Premium App users based on:

  • cap the number of monthly invoices
  • percentage of total invoice value over a specific period
  • improvement in the payment cycle

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