SmartPesa allows merchants to accept card payments using a mobile phone (Mobile Point of Sale, mPOS) whilst also allowing every merchant to act as a bank branch. Comprising a low-cost card reader, App and server-side processing, SmartPesa solves the payments last-mile problem whilst fully integrating with existing banking infrastructure. Any local or international card is supported including Chip&PIN and mag-stripe cards. Especially suitable for emerging markets.
Fundraising
This venture has not initiated a round of financing on this platform. If they choose to, the summary of the fundraising round will appear to registered investors here.
Idea


In emerging markets, there has been an explosion in cards as many unbanked have opened accounts. However, banks have not kept pace with roll-out of branches and ATM's, often due to prohibitive costs in largely rural communities. SmartPesa allows every merchant to effectively act as a banking branch, quickly and cheaply expanding a bank's network.
Team



Two co-founders with extensive (over 40 combined years) experience in financial services. Thorsten Neumann who has written financial systems for trading is the lead technologist while Barry Levett leads the commercial side.
Product



Paying customers in Nigeria, Philippines, Malaysia, Tanzania, Indonesia and Colombia
Revenue



Two models depending on country: (1) is a revenue share model and (2) annual subscription model which is largely fixed price. Pricing level depends on country, feature set and other negotiations.
Inclusiveness




People often have to travel long distances to use the nearest ATM which is inefficient and often unsafe. Moreover, after withdrawing cash, they often spend their money nearby the ATM and take goods home, improving the economy of that area. It would be better that people can spend their money more easily and keep it within their own communities.
We involve low-income groups as consumers. We involve low-income groups as producers. We involve low-income groups as distributors. We involve low-income groups as employees.Significant driver of Financial Inclusion - a real potential to bring millions in emerging markets into the formal financial sector
Registered investors only
Funding history is only visible to registered investors.Registered investors only
Documents are only visible to registered investors when the venture is fundraising.Team
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Barry Levett
Works at SmartPesa