BanQu

blockchain

FOUNDING YEAR: 2015
LOCATION:
Last Update: 05/07/2020

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About

Dignity Through Identity. BanQu is the first ever blockchain Economic Identity technology (patent pending) platform and network that enables a secure and immutable platform for creating economic opportunities for people around the world who are refugees and living in extreme poverty. The BanQu network uses a proprietary method to create a mashup of selfie plus other key human characteristics for people with no access to technology or banking. This Economic Identity then can be augmented by critical pieces of information such as land rights, voter registration, relationship based credit profiles and health records etc. While the uses cases are infinite, BanQu is focused on solutions in the three areas of : 1) Refugee crisis 2) Food / medical / payroll distribution in conflict zones 3) Increasing revenue streams for social enterprises via diaspora capital participation and compliance based remittance

MEDICI Analysis

BanQu is a blockchain economic identity technology platform and network that enables a secure and immutable platform for creating economic opportunities for people around the world who are refugees and living in extreme poverty. BanQu’s platform allows financial institutions to leverage its preventive and detective capabilities to assist them with the regulatory and compliance financial issues when dealing with the unbanked such as anti-money laundering (AML), know your customer (KYC), reopening of closed economic corridors, and suspicious activity reporting by providing the institutions with the user’s global financial identity components as captured in their blockchain.

Focus

PRODUCTS & SERVICES

Blockchain based identity platform to provide financial inclusion for unbanked customers.

REVENUE MODEL

SaaS annual licensing fees + 1% Transaction fees

MAIN CLIENTS

BanQu provides services to NGOs

financial institutions

and companies.

EXISTING PARTNERSHIPS

The company is partnered with Women in FinTech

Chemonics

Opportunity International Canada

WSBA

and RippleNami - a data visualization software firm

PRIMARY PROBLEM SOLVED

Global refugee crisis Global extreme poverty crisis

INTELLECTUAL PROPERTY

Patent(s) FILED

Traction

REVENUE

$0 - $99k

REVENUE COMMENT:

The global refugee crisis and 2 billion people living in extreme poverty - has over $700 billion in under-deployed capital. BanQu taps into that market opportunity.

NUMBER OF TRANSACTIONS:

1 K

TRANSACTIONS COMMENT:

We are pre-revenue Expect revenue 4th Qtr of 2016

ACTIVE USERS:

1000

ACTIVE USERS COMMENT:

Extreme poverty zones and refugee camp users

TRACTION COMMENT:

The company got cashless world award for digital banking category in 2016.

People

FOUNDERS

Ashish Gadnis

Jeff Keiser

Hamse Warfe

BOARD MEMBERS AND ADVISORS

Shannon Sedgwick Davis

Ron Quaranta

Shannon Sedgwick-Davis

Zoe Schlag

Mallori Morris

NUMBER OF EMPLOYEES

1-10

INVESTORS:

Anheuser-Busch InBev

Anheuser-Busch InBev

KEY EMPLOYEES:

Ashish Gadnis (CEO); Jeff Keiser (COO); Mike Linton (CTO)

COMMENT:

We have real-life experience: 1. Built,sold multiple startups 2. Global team 3. 3 years being a refugee (one of our founders) 4. 15 years being a slum dweller (one of our other founders) 5. Successful for-profit (award winning) enterprise for extreme poverty in DR Congo 6. Patent pending

Momentum

FUNDED

YES

TOTAL FUNDING

$100 K

DATE OF LAST FUNDING

Jun 2019

SEED & PRIOR FUNDING

$100 K

SEED CLOSED ON

Jun 2016

LISTED

NO

For Investors

USES OF FUNDS RAISED:

1. Product Enhancement

2. Refugee Camp rollouts

3. Non-Refugee rollouts

EXIT STRATEGY

None. We are in this for the long haul. A for-profit social enterprise dedicated to ending extreme poverty and enabling economic resilience for global refugees.

MONTHS LEFT WITH CURRENT CASH BURN RATE:

6 months from 16 Jan, 2017

COMPETITORS:

ShoCard Inc.

Trunomi

BASICS

FOUNDING YEAR:

2015

LOCATION:

Views:

170 VISITORS | 344 VIEWS
LATEST FUNDING ROUND

$100 K

TOTAL EMPLOYEES
1-10

About

Dignity Through Identity. BanQu is the first ever blockchain Economic Identity technology (patent pending) platform and network that enables a secure and immutable platform for creating economic opportunities for people around the world who are refugees and living in extreme poverty. The BanQu network uses a proprietary method to create a mashup of selfie plus other key human characteristics for people with no access to technology or banking. This Economic Identity then can be augmented by critical pieces of information such as land rights, voter registration, relationship based credit profiles and health records etc. While the uses cases are infinite, BanQu is focused on solutions in the three areas of : 1) Refugee crisis 2) Food / medical / payroll distribution in conflict zones 3) Increasing revenue streams for social enterprises via diaspora capital participation and compliance based remittance

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

BanQu is a blockchain economic identity technology platform and network that enables a secure and immutable platform for creating economic opportunities for people around the world who are refugees and living in extreme poverty. BanQu’s platform allows financial institutions to leverage its preventive and detective capabilities to assist them with the regulatory and compliance financial issues when dealing with the unbanked such as anti-money laundering (AML), know your customer (KYC), reopening of closed economic corridors, and suspicious activity reporting by providing the institutions with the user’s global financial identity components as captured in their blockchain.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

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BanQu

About

Dignity Through Identity. BanQu is the first ever blockchain Economic Identity technology (patent pending) platform and network that enables a secure and immutable platform for creating economic opportunities for people around the world who are refugees and living in extreme poverty. The BanQu network uses a proprietary method to create a mashup of selfie plus other key human characteristics for people with no access to technology or banking. This Economic Identity then can be augmented by critical pieces of information such as land rights, voter registration, relationship based credit profiles and health records etc. While the uses cases are infinite, BanQu is focused on solutions in the three areas of : 1) Refugee crisis 2) Food / medical / payroll distribution in conflict zones 3) Increasing revenue streams for social enterprises via diaspora capital participation and compliance based remittance

Focus

PRODUCTS & SERVICES

Economic Identity on the Blockchain. Economic Identity is a fairly new concept, developed by BanQu, that identifies the conditions that are required to allow people to feel comfortable to participate in commerce in the global economy. Behind the concept of economic identity is the idea that commerce requires three key points before it can advance and occur: One needs to know “who” they are engaging in commerce with, One needs to understand or “trust” that the commerce does not put them at risk, One needs to “record” the details of the commerce for record keeping purposes. These points are not “nice to haves“, but are “must haves” and make up the basic requirements for every financial transaction.

REVENUE MODEL

SaaS annual licensing fees + 1% Transaction fees

TOP PROBLEM SOLVED

Global refugee crisis Global extreme poverty crisis

PRODUCT DEVELOPMENT STAGE

MARKET TRIAL

PRODUCT DEVELOPMENT COMMENT

- Core development complete - Live pilots / trials in 3 countries - Signing large INGOs, FIs globally

KEY DIFFERENTIATORS

- Patent pending Economic Identity - Proprietary human characteristics based security - Patent pending KYC / AML / SAR - Open API to integrate with INGOs, Banks MFIs and Govt. - Global network portability for refugees and people living in extreme poverty via blockchain identity

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Retailers

Enterprise - Others

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Small And Medium Business - Other

Consumer

STRATEGIC CLIENTS AND PARTNERSHIP

Citigroup : MOU stage

UN : Rwanda rollout active

People

FOUNDERS

Ashish Gadnis

Jeff Keiser

Hamse Warfe

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO, FOUNDER: Ashish Gadnis

CMO: Tim Myers

COO, FOUNDER: Jeff Keiser

CRO: Hamse Warfa

employee: Ashish Gadnis (CEO); Jeff Keiser (COO); Mike Linton (CTO)

FOUNDER: Hamse Warfe

TEAM COMMENT:

We have real-life experience: 1. Built,sold multiple startups 2. Global team 3. 3 years being a refugee (one of our founders) 4. 15 years being a slum dweller (one of our other founders) 5. Successful for-profit (award winning) enterprise for extreme poverty in DR Congo 6. Patent pending

BOARD MEMBERS AND ADVISORS:

Shannon Sedgwick Davis, Ron Quaranta, Shannon Sedgwick-Davis, Zoe Schlag, Mallori Morris

INVESTORS:

Anheuser-Busch InBev

Anheuser-Busch InBev

Momentum

FUNDED

NO

TOTAL FUNDING:

$300 K

LISTED

NO

FUNDING SERIES
Seed Mar 2016 --- USD300 K Comment on Seed Funded $300K from founders. Now raising additional seed round of $500K