ZwiftPay

paymentsproximity mobile paymentsp2p payments

FOUNDING YEAR: 2015
LOCATION: United States
Last Update: 09/07/2020

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About

ZwiftPay is an in-vehicle payment system that enables drivers to pay for gas using automatic vehicle recognition technology.

MEDICI Analysis

ZwiftPay is a payment system that allows drivers to pay for gas wirelessly, without the need of debit or credit cards, by using radio frequency identification (RFID) technology. ZwiftPay provides a fast, cost-effective, and secure alternative method of payment at gas stations.

Focus

PRODUCTS & SERVICES

ZwiftPay is a payment gateway that let's drivers pay for gas wirelessly.

REVENUE MODEL

1% per transaction

PRIMARY PROBLEM SOLVED

ZwiftPay offers gas station retailers lower processing fees, anti-fraud detection tools, and chargeback prevention solution.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

company provided insights

Traction

REVENUE

$0 - $99k

ACTIVE USERS:

300

ACTIVE USERS COMMENT:

We currently sell our services to independent gas stations owners. Overall, 59% of all the fuel sold in the United States are by single-store owners with a total addressable market of $18 billion. In addition, 39 million people in the United States fill-up their car's everyday. We've launched a pilot at a gas station in the Boston area with 300 ride-sharing drivers (e.g. Uber, Lyft, Fasten, and Safr). We determined that targeting ride-sharing drivers as our primary target will enable us to grow fast and establish our brand. From a survey we conducted by over 5,000 ride-sharing drivers, we found out that 85% of these drivers fill-up their cars on a daily basis and over 90% wish they had a faster way of paying.

People

FOUNDERS

Melvin Torres

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

Akshay Agarwal

COMMENT:

We are a young, but talented team with experience in entrepreneurship, software development,,financial services. Our team has won three hackaton's, we simply enjoy building innovative solutions. In addition, we receive valuable mentorship from our global payments,oil industry experts.

Momentum

FUNDED

NO

LISTED

NO

For Investors

FUNDING NEEDED:

$150 K

USES OF FUNDS RAISED:

1. Research and Development

2. Hiring

3. Marketing

EXIT STRATEGY

Amazon, Google, Apple, Uber, Exxon Mobil

MONTHS LEFT WITH CURRENT CASH BURN RATE:

18 months from 25 Jul, 2018

COMPETITORS:

SpeedPass

Cumberland Farms

Loves

Uber

BASICS

FOUNDING YEAR:

2015

LOCATION:

United States

Views:

107 VISITORS | 276 VIEWS
TOTAL EMPLOYEES
1-10

About

ZwiftPay is an in-vehicle payment system that enables drivers to pay for gas using automatic vehicle recognition technology.

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

ZwiftPay is a payment system that allows drivers to pay for gas wirelessly, without the need of debit or credit cards, by using radio frequency identification (RFID) technology. ZwiftPay provides a fast, cost-effective, and secure alternative method of payment at gas stations.

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

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ZwiftPay

About

ZwiftPay is an in-vehicle payment system that enables drivers to pay for gas using automatic vehicle recognition technology.

Focus

PRODUCTS & SERVICES

ZwiftPay is an artificial intelligence and computer vision-based payment system that enables drivers to pay for gas, parking, and drive-thrus by using their car.

REVENUE MODEL

1% per transaction

TOP PROBLEM SOLVED

ZwiftPay offers gas station retailers lower processing fees, anti-fraud detection tools, and chargeback prevention solution.

PRODUCT DEVELOPMENT STAGE

MARKET TRIAL

PRODUCT DEVELOPMENT COMMENT

We launched a pilot at a gas station in Boston, MA with 300 users.

KEY DIFFERENTIATORS

Fast Cost-effective Secure

PRIMARY CUSTOMER TYPE

Small And Medium Business - Other

Consumer

PRODUCT ATTRIBUTES

On-premises

White label

People

FOUNDERS

Melvin Torres

KEY EMPLOYEES:

CEO, FOUNDER: Melvin Torres

CTO: Son Nguyen

Software Engineer: Akshay Agarwal

TEAM COMMENT:

We are a young, but talented team with experience in entrepreneurship, software development,,financial services. Our team has won three hackaton's, we simply enjoy building innovative solutions. In addition, we receive valuable mentorship from our global payments,oil industry experts.

Momentum

FUNDED

NO

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES