LockMyCash

others

FOUNDING YEAR: 2016
LOCATION: Nigeria
Last Update: 01/05/2020

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About

LockMyCash provides an online escrow service that protects buyers and sellers from fraud during transactions by acting as a trusted third party that collects and holds payments from a buyer and release this payment to the seller when the buyer is satisfied or based on agreements.

Focus

PRODUCTS & SERVICES

Online escrow service

REVENUE MODEL

We take a little percentage off the cost of each transaction

PRIMARY PROBLEM SOLVED

We help buyers and sellers shop safely online and offine by providing an escrow service that holds payment from the buyer and releases fuunds to the seller when the buyer has received and is happy with the goods delivered by the seller.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

company provided insights

Traction

ACTIVE USERS:

30

ACTIVE USERS COMMENT:

Many wanted to integrate into their ownecommerce platforms

company provided insights

People

NUMBER OF EMPLOYEES

1-10

COMMENT:

I founded Ariyawa - an eventbrite for Nigerian events, later worked on a team that built VC-backed URegista (www.uregista.com) an online form builder. I'm a computer scientist with experience building a startup,working for one. I'd be getting some other people to join me soonest so we can build great things together at LockMyCash

Momentum

FUNDED

NO

LISTED

NO

For Investors

FUNDING NEEDED:

$100 K

USES OF FUNDS RAISED:

1. Hiring

2. Product Development

3. Payment for services like hosting, internet, rent etc

MONTHS LEFT WITH CURRENT CASH BURN RATE:

2 months from 5 Oct, 2016

COMPETITORS:

E-Escrow

BASICS

FOUNDING YEAR:

2016

LOCATION:

Nigeria

Views:

41 VISITORS | 76 VIEWS

About

LockMyCash provides an online escrow service that protects buyers and sellers from fraud during transactions by acting as a trusted third party that collects and holds payments from a buyer and release this payment to the seller when the buyer is satisfied or based on agreements.

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!

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

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LockMyCash

About

LockMyCash provides an online escrow service that protects buyers and sellers from fraud during transactions by acting as a trusted third party that collects and holds payments from a buyer and release this payment to the seller when the buyer is satisfied or based on agreements.

Focus

PRODUCTS & SERVICES

Online escrow service

REVENUE MODEL

We take a little percentage off the cost of each transaction

TOP PROBLEM SOLVED

We help buyers and sellers shop safely online and offine by providing an escrow service that holds payment from the buyer and releases fuunds to the seller when the buyer has received and is happy with the goods delivered by the seller.

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRODUCT DEVELOPMENT COMMENT

We are helping individuals and businesses transact safely without the fear of being defrauded. Buyers pay when they are happy with the goods or services rendered. Sellers ship when they have been notified that buyer has made payment.

KEY DIFFERENTIATORS

We just don't help businesses and individuals accept payment, we ensure they get exactly what they paid for.

PRIMARY CUSTOMER TYPE

Enterprise - Retailers

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Small And Medium Business - Other

Consumer

People

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO: Tosin Oguntuyi

TEAM COMMENT:

I founded Ariyawa - an eventbrite for Nigerian events, later worked on a team that built VC-backed URegista (www.uregista.com) an online form builder. I'm a computer scientist with experience building a startup,working for one. I'd be getting some other people to join me soonest so we can build great things together at LockMyCash

Momentum

FUNDED

NO

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES