Paysack

b2b fintechpaymentsdigital cards

FOUNDING YEAR: 2016
LOCATION: India
Last Update: 17/07/2020

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About

Paysack is an online employee benefits & reimbursement software that helps businesses to manage their employee expenses by using a single mobile wallet and prepaid card.We provide a convenience layer for corporate's and their employees to interact with various financial service, wellness services, benefits services etc which is simple and smart.

MEDICI Analysis

Paysack is an online employee benefits & reimbursement software that helps businesses to manage their employee expenses by using a single mobile wallet and prepaid card. It enables businesses to digitally assign their employees various benefits like meal benefit, fuel benefit, gifts & medical reimbursement etc. Employees can also file claims with the help of their mobile.

Focus

PRODUCTS & SERVICES

Paysack is an all in one corporate wallet for employee benefits and reimbursements. Proposed Solution for this userbase: What we are proposing is a premium credit card packaged with other value added services which no other credit cards offer One Click Generation: Paysack aggregate the required user documents and details from various sources. User can generate a virtual credit card in real-time in a click. The physical card can be mailed to the user later if required. Value Added Services: Paysack will be providing a bouquet of free services which none of the credit card products offer Technology: Provide mobile and interactive user experience

REVENUE MODEL

Multiple revenue models : SAAS, From consumers.

MAIN CLIENTS

Federal Capital

Saluto

Khan Saheb

Geojit

Experion

Faya

Turbolab Technologies

PRIMARY PROBLEM SOLVED

Current generation of mobile workforce don't like to interact with complex systems. We provide a convenience layer for corporates and their employees to interact with various financial service, wellness services, benefits services etc which is smart.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

REVENUE

$0 - $99k

ACTIVE USERS:

500

People

FOUNDERS

Ricky Jacob

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

Ricky Jacob (CEO); Nicky Jacob (COO)

Momentum

FUNDED

NO

LISTED

NO

For Investors

FUNDING NEEDED:

$100 K

USES OF FUNDS RAISED:

1. Hit 100000 end users

EXIT STRATEGY

Exit to another institutional investors. Exit to other companies in this space like Ebix, Mercer or Banks

MONTHS LEFT WITH CURRENT CASH BURN RATE:

12 months from 28 Nov, 2018

BASICS

FOUNDING YEAR:

2016

LOCATION:

India

Views:

124 VISITORS | 199 VIEWS
TOTAL EMPLOYEES
1-10

About

Paysack is an online employee benefits & reimbursement software that helps businesses to manage their employee expenses by using a single mobile wallet and prepaid card.We provide a convenience layer for corporate's and their employees to interact with various financial service, wellness services, benefits services etc which is simple and smart.

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

Paysack is an online employee benefits & reimbursement software that helps businesses to manage their employee expenses by using a single mobile wallet and prepaid card. It enables businesses to digitally assign their employees various benefits like meal benefit, fuel benefit, gifts & medical reimbursement etc. Employees can also file claims with the help of their mobile.

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

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Paysack

About

Paysack is an online employee benefits & reimbursement software that helps businesses to manage their employee expenses by using a single mobile wallet and prepaid card.We provide a convenience layer for corporate's and their employees to interact with various financial service, wellness services, benefits services etc which is simple and smart.

Focus

PRODUCTS & SERVICES

Paysack is an all in one corporate wallet for employee benefits and reimbursements. Proposed Solution for this userbase: What we are proposing is a premium credit card packaged with other value added services which no other credit cards offer One Click Generation: Paysack aggregate the required user documents and details from various sources. User can generate a virtual credit card in real-time in a click. The physical card can be mailed to the user later if required. Value Added Services: Paysack will be providing a bouquet of free services which none of the credit card products offer Technology: Provide mobile and interactive user experience

REVENUE MODEL

Multiple revenue models : SAAS, From consumers.

TOP PROBLEM SOLVED

Current generation of mobile workforce don't like to interact with complex systems. We provide a convenience layer for corporates and their employees to interact with various financial service, wellness services, benefits services etc which is smart.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

We had completed the initial MVP and had rolled out the initial offering of a mobile wallet + a multi pocket Rupay/Visa card to corporate employees.

KEY DIFFERENTIATORS

Our focus is to change the behavior of employees by influencing their decisions to get the best value out of services they interact with in day to day life.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

Small And Medium Business - Other

Consumer

PRODUCT ATTRIBUTES

SaaS

White label

Customer facing

STRATEGIC CLIENTS AND PARTNERSHIP

Equitas Bank : Regulatory/Compliance

People

FOUNDERS

Ricky Jacob

KEY EMPLOYEES:

CEO, FOUNDER: Ricky Jacob

CTO: Rajat Talwar

employee: Ricky Jacob (CEO); Nicky Jacob (COO)

Momentum

FUNDED

NO

TOTAL FUNDING:

$100 K

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed Jun 2018 --- USD100 K at a USD500 Kvaluation Comment on Seed Was funded by a prominent names in HR space.