StyloPay

paymentsmobile/digital walletproximity mobile payments

FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 17/07/2020

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About

StyloPay - an innovator in building mobile payment solutions. In today’s world of evolving payment systems from new kinds of cards to mobile payment technologies, our APIs for industry specific mobile wallet solutions, coupled with several value added services, address the large gaps of markets like Hospitality, Travel, Education and existing mobile applications that as a result empower the business owners (our partners) to penetrate the untapped market and create new revenue streams. Wallets powered by StyloPay leverage NFC, is network independent and masks card authentication details. This, at a low cost and without the accompanying hassles, enables our partners to quickly launch their own branded mobile wallet services. We have completed build and relevant partnerships are in place. The MasterCard and VISA certifications are in progress. Fifty hotels in London have agreed to run our ‘Hotel Wallet’ pilot from 2016.

MEDICI Analysis

Stylopay offers an open platform technology for Contact‐Less payments and mobile wallets with unique security features through tokenization enabling one to use the smartphone in a simple and secure way.

Focus

PRODUCTS & SERVICES

Contact-less payment platform

REVENUE MODEL

Our business model is B2B2C. SMBs will offer their customers to download our industry wallet app. Every time the customer use the wallet to make a purchase or convert FX, Stylopay gets an interchange fee or FX commission, as applicable. These will be the principle source of revenue. Other sources are Affiliate marketing and licensing fees. With 0.2% as interchange fee and 1.5% FX commission, we can reach revenue of £520K in Year 1 and £860K in Year 2 in Hospitality market alone. We aim to target 180K out of total 34 million foreign tourists in a year as our end-users in Hospitality.

PRIMARY PROBLEM SOLVED

Stylopay addresses two B2B markets. The first is Financial Institutions, Banks and Issuers. Problem solved is the availability of an HCE and Issuance platforms, through which they can issue mobile wallet and cards quickly at a low cost. The second is small business (SMB) & Payment Innovators. Problem solved is the availability of APIs that enables them to issue wallets with industry specific features. For example, in Hospitality, International travelers are worried about vulnerability of international cards and ability to easily convert foreign currency. They ask for information on local travel and places of interest. Small businesses (SMBs) in these markets would like to offer branded payment solution to their customers and improve customer satisfaction, retention and revenues. Stylopay's re-brandable payment platform solves the problems of both parties. SMBs can issue industry specific mobile wallets and cards, at a low cost and hassle free, by leveraging Stylopay's wallet APIs . Travelers can use the multi-functional mobile application to improve security and convenience. Stylopay wallet leverages NFC, is network independent and masks card authentication details. Similarly, in education market, Stylopay solves the problem of multiple instruments for ID, access and monetary transactions through the Student wallet.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

People

FOUNDERS

Sanjit Ghanti

BOARD MEMBERS AND ADVISORS

Viktor Lysyuk

David Parker

Steve Shepherd

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Level39

COMMENT:

Our team is awesome because we have the right balance of enthusiasm, experience,knowledge to build the company. And we received some great incubation at Fast Forward London,Incubate London. Avishek Singh, Co-founder, with experience in Marketing, Finance,Start-ups, manages business connections,contributes to marketing strategies. Sanjit, Co-founder, with background in hosted BPAAS solutions, business transformation,operations, manages IT infrastructure, product launch,operations. Uchit Sanghavi, with a rich experience in B2B sales, is the Sales in-charge Shashi Kant Singh, with background in mobile app marketing, is the Business Development & Digital Strategist Viktor,Yaniv are Non Executive Directors. Viktor Lysyuk is Regional Head, Global Transaction Banking EMEA, TD Bank. Yaniv Chetrit is Mobile Payment Expert who was involved in a number of mobile wallet development. Steve Shepherd, Consultant at LLOYDS TSB is our mentor.

Momentum

FUNDED

YES

DATE OF LAST FUNDING

Jan 2015

SEED CLOSED ON

Jan 2015

LISTED

NO

For Investors

FUNDING NEEDED:

£150 K

USES OF FUNDS RAISED:

1. One-time Processor and BIN Set-up fee

2. Sales for next 6 months

EXIT STRATEGY

Stylopay will develop and scale-up the business over a time frame of 2 to 4 years and grow its value. We will then look for buyers of the business as a whole or component wise. Possible buyers for the business could come from a number of industries including Financial Services / Telecom Services / e-wallet operators and industry solution providers.

MONTHS LEFT WITH CURRENT CASH BURN RATE:

6 months from 18 May, 2016

COMPETITORS:

Gemalto

Monitise

Proxama

Sequent

Planetpayment

Paydiant

BASICS

FOUNDING YEAR:

2014

LOCATION:

United States

Views:

178 VISITORS | 291 VIEWS
TOTAL EMPLOYEES
11-50

About

StyloPay - an innovator in building mobile payment solutions. In today’s world of evolving payment systems from new kinds of cards to mobile payment technologies, our APIs for industry specific mobile wallet solutions, coupled with several value added services, address the large gaps of markets like Hospitality, Travel, Education and existing mobile applications that as a result empower the business owners (our partners) to penetrate the untapped market and create new revenue streams. Wallets powered by StyloPay leverage NFC, is network independent and masks card authentication details. This, at a low cost and without the accompanying hassles, enables our partners to quickly launch their own branded mobile wallet services. We have completed build and relevant partnerships are in place. The MasterCard and VISA certifications are in progress. Fifty hotels in London have agreed to run our ‘Hotel Wallet’ pilot from 2016.

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MEDICI Analysis

Stylopay offers an open platform technology for Contact‐Less payments and mobile wallets with unique security features through tokenization enabling one to use the smartphone in a simple and secure way.

Focus+
Momentum+
People+
For Investors+
Other+

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StyloPay

About

StyloPay - an innovator in building mobile payment solutions. In today’s world of evolving payment systems from new kinds of cards to mobile payment technologies, our APIs for industry specific mobile wallet solutions, coupled with several value added services, address the large gaps of markets like Hospitality, Travel, Education and existing mobile applications that as a result empower the business owners (our partners) to penetrate the untapped market and create new revenue streams. Wallets powered by StyloPay leverage NFC, is network independent and masks card authentication details. This, at a low cost and without the accompanying hassles, enables our partners to quickly launch their own branded mobile wallet services. We have completed build and relevant partnerships are in place. The MasterCard and VISA certifications are in progress. Fifty hotels in London have agreed to run our ‘Hotel Wallet’ pilot from 2016.

Focus

PRODUCTS & SERVICES

We have build an open loop payments platform conforming to Mastercard and Visa specifications. The platform includes issuance and digitisation functionalities and is available on a re-brandable basis. Industry specific value adds are included to address gaps in markets like Hospitality, Travel, Education and existing mobile Apps. Wallets powered by Stylopay leverage NFC, is network independent and masks card PANs. This, at a low cost and without the accompanying hassles of integrating with the payment ecosystem. Stylopay's wallet APIs enable FIs to launch digital wallets hassle free and quick. One such wallet being designed is the international digital wallet that supports multiple currencies. SMBs in the identified markets can now offer branded industry wallet solutions to their customers and improve customer satisfaction and revenues. To our customers, we will be the aggregator of global issuers and processors that will simplify and reduce their time and cost to launch wallets

REVENUE MODEL

Our business model is B2B2C. SMBs will offer their customers to download our industry wallet app. Every time the customer use the wallet to make a purchase or convert FX, Stylopay gets an interchange fee or FX commission, as applicable. These will be the principle source of revenue. Other sources are Affiliate marketing and licensing fees. With 0.2% as interchange fee and 1.5% FX commission, we can reach revenue of £520K in Year 1 and £860K in Year 2 in Hospitality market alone. We aim to target 180K out of total 34 million foreign tourists in a year as our end-users in Hospitality.

TOP PROBLEM SOLVED

Stylopay addresses two B2B markets. The first is Financial Institutions, Banks and Issuers. Problem solved is the availability of an HCE and Issuance platforms, through which they can issue mobile wallet and cards quickly at a low cost. The second is small business (SMB) & Payment Innovators. Problem solved is the availability of APIs that enables them to issue wallets with industry specific features. For example, in Hospitality, International travelers are worried about vulnerability of international cards and ability to easily convert foreign currency. They ask for information on local travel and places of interest. Small businesses (SMBs) in these markets would like to offer branded payment solution to their customers and improve customer satisfaction, retention and revenues. Stylopay's re-brandable payment platform solves the problems of both parties. SMBs can issue industry specific mobile wallets and cards, at a low cost and hassle free, by leveraging Stylopay's wallet APIs . Travelers can use the multi-functional mobile application to improve security and convenience. Stylopay wallet leverages NFC, is network independent and masks card authentication details. Similarly, in education market, Stylopay solves the problem of multiple instruments for ID, access and monetary transactions through the Student wallet.

PRODUCT DEVELOPMENT STAGE

PROTOTYPE

PRODUCT DEVELOPMENT COMMENT

We have completed build of HCE, Tokenisation, Mobile Application Platform, SP-TSM and Issuance Platform. Relevant partnerships with Issuer and Processor are in advanced stages of signing. The Mastercard and VISA certifications are in progress. Fifty hotels in London have agreed to run our ‘Hotel Wallet’ pilot from July 2016.

KEY DIFFERENTIATORS

Stylopay differentiates itself by identifying micro markets that other players have not yet addressed and products that are custom built for those markets. Another differentiator is our highly scalable solution that will help us, after we achieve traction in initial markets, to target other markets like small retail and corner shops and remittances. Our operations are lean and we keep the costs low in all aspects.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

Small And Medium Business - Other

People

FOUNDERS

Sanjit Ghanti

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

COO, FOUNDER: Sanjit Ghanti

TEAM COMMENT:

Our team is awesome because we have the right balance of enthusiasm, experience,knowledge to build the company. And we received some great incubation at Fast Forward London,Incubate London. Avishek Singh, Co-founder, with experience in Marketing, Finance,Start-ups, manages business connections,contributes to marketing strategies. Sanjit, Co-founder, with background in hosted BPAAS solutions, business transformation,operations, manages IT infrastructure, product launch,operations. Uchit Sanghavi, with a rich experience in B2B sales, is the Sales in-charge Shashi Kant Singh, with background in mobile app marketing, is the Business Development & Digital Strategist Viktor,Yaniv are Non Executive Directors. Viktor Lysyuk is Regional Head, Global Transaction Banking EMEA, TD Bank. Yaniv Chetrit is Mobile Payment Expert who was involved in a number of mobile wallet development. Steve Shepherd, Consultant at LLOYDS TSB is our mentor.

BOARD MEMBERS AND ADVISORS:

Viktor Lysyuk, David Parker, Steve Shepherd

INVESTORS:

Level39

Level39

Level39

Level39

Momentum

FUNDED

NO

LISTED

NO

FUNDING SERIES