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Company:
Payment Centric Ltd
Team:
Bill Tennent, Mike Doherty, Mark Johnstone. Ex-De La Rue Fortronic, Payzone and TS3 Services. They had a successful exit from TS3 Services in 2011
Web:
www.paymentcentric.co.uk
http://lipaspot.co.ke/
Value Proposition:
Using Scottish systems to bring financial inclusion into payment of bills and services and multi-bank agency banking into local communities in African communities via networks of local shops and agent outlets.
Launched in Kenya and extending to Ghana by sharing in transaction processing fees. Will lift, drop and customise our system and deploy networks in other African countries either via country partners and/or through merger with our Kenya partners
Customer Segments:
Local African consumers paying bills, paying for services such top up of prepaid cell phones and accessing banking deposit, withdrawal and statementing services on their door step via the One Stop Shop branded network.
African businesses that benefit from easy and affordable revenue collection for their services form their customers
African diaspora that can pay their bills or their families bills form overseas or buy eVouchers for their families to spend on local services such as hospital treatment, medication, school fees etc.
Africa businesses who benefit from bulk disbursement services transferring value from bank account to bank account, eWallet account or cell phone airtime account to pay salaries, expenses, suppliers, staff expense allowances
Market Traction:
Systems developed since inception of business. Service launched in Kenya in September 2018. We are scaling up through rapid deployment strategy of local Kenyan partner brand LipaSpot. Together we provide a service similar to the UK’s highly successful PayPoint and Payzone community retail payment networks, the latter of which the directors of PCL conceived, developed and operated.
LipaSpot is a convenient revenue collection service for participating utilities/institutions and their customers using a network of small community One Stop Payment Service shops for a range services such as agency banking, airtime top up, electricity and water bill payment, electricity prepayment token issue, on street parking and other local council service payments via a smartphone/tablet App.
There is also a Virtual Shop App that enables the UK Kenyan diaspora to make the same inbound payment transactions or buy eVouchers for redemption at hospitals, schools etc and a service for businesses to make mass transfers as staff allowances in the form of mobile airtime, mobile wallet e.g. Mpesa or as bank account transfers for payment of supplier invoices, staff salaries and expenses.
The service is live with monthly transaction revenue and net transaction income (after sharing commission with its outlets-sales agents) projected to be nearly 12bn KES (£90m) and 92.5m KES (£695k) respectively with PCL earning a share of these latter fees.
Funding Stage:
Seeking finance to scale up software resources to expand in Scotland and Africa
Funding & Investment to Date:
£700k from Scottish Investment Bank and self-funded from start until the present
Investment Sought:
£500k for market deployment via African partners
£3m to merge with Kenyan partners to create a multi-skilled front and back end integrated organisation capable of deploying payment services in other African countries
Visit Payment Centric Website
Download Payment Centric Ltd Paper
Visit us on the Fintech Scotland Website
DISCLAIMER
The purpose of this Investor Showcase is to provide information on the business described above. The Investor Showcase is not a prospectus and does not constitute or form any offer or invitation to subscribe for, underwrite, or purchase securities, nor shall the Investor Showcase or any part of it form the basis of, or be relied upon in connection with, any contract relating to any securities unless expressly included hereafter.
WARNING
The content of this Investor Showcase has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. Reliance on this Investor Showcase for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested.
Payment Centric Ltd
Team:
Bill Tennent, Mike Doherty, Mark Johnstone. Ex-De La Rue Fortronic, Payzone and TS3 Services. They had a successful exit from TS3 Services in 2011
Web:
www.paymentcentric.co.uk
http://lipaspot.co.ke/
Value Proposition:
Using Scottish systems to bring financial inclusion into payment of bills and services and multi-bank agency banking into local communities in African communities via networks of local shops and agent outlets.
Launched in Kenya and extending to Ghana by sharing in transaction processing fees. Will lift, drop and customise our system and deploy networks in other African countries either via country partners and/or through merger with our Kenya partners
Customer Segments:
Local African consumers paying bills, paying for services such top up of prepaid cell phones and accessing banking deposit, withdrawal and statementing services on their door step via the One Stop Shop branded network.
African businesses that benefit from easy and affordable revenue collection for their services form their customers
African diaspora that can pay their bills or their families bills form overseas or buy eVouchers for their families to spend on local services such as hospital treatment, medication, school fees etc.
Africa businesses who benefit from bulk disbursement services transferring value from bank account to bank account, eWallet account or cell phone airtime account to pay salaries, expenses, suppliers, staff expense allowances
Market Traction:
Systems developed since inception of business. Service launched in Kenya in September 2018. We are scaling up through rapid deployment strategy of local Kenyan partner brand LipaSpot. Together we provide a service similar to the UK’s highly successful PayPoint and Payzone community retail payment networks, the latter of which the directors of PCL conceived, developed and operated.
LipaSpot is a convenient revenue collection service for participating utilities/institutions and their customers using a network of small community One Stop Payment Service shops for a range services such as agency banking, airtime top up, electricity and water bill payment, electricity prepayment token issue, on street parking and other local council service payments via a smartphone/tablet App.
There is also a Virtual Shop App that enables the UK Kenyan diaspora to make the same inbound payment transactions or buy eVouchers for redemption at hospitals, schools etc and a service for businesses to make mass transfers as staff allowances in the form of mobile airtime, mobile wallet e.g. Mpesa or as bank account transfers for payment of supplier invoices, staff salaries and expenses.
The service is live with monthly transaction revenue and net transaction income (after sharing commission with its outlets-sales agents) projected to be nearly 12bn KES (£90m) and 92.5m KES (£695k) respectively with PCL earning a share of these latter fees.
Funding Stage:
Seeking finance to scale up software resources to expand in Scotland and Africa
Funding & Investment to Date:
£700k from Scottish Investment Bank and self-funded from start until the present
Investment Sought:
£500k for market deployment via African partners
£3m to merge with Kenyan partners to create a multi-skilled front and back end integrated organisation capable of deploying payment services in other African countries
Visit Payment Centric Website
Download Payment Centric Ltd Paper
Visit us on the Fintech Scotland Website
DISCLAIMER
The purpose of this Investor Showcase is to provide information on the business described above. The Investor Showcase is not a prospectus and does not constitute or form any offer or invitation to subscribe for, underwrite, or purchase securities, nor shall the Investor Showcase or any part of it form the basis of, or be relied upon in connection with, any contract relating to any securities unless expressly included hereafter.
WARNING
The content of this Investor Showcase has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. Reliance on this Investor Showcase for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested.
