Nigeria - Startup under 3 years old

Describe your project or startup in a few words

Transferwise for Africa

01.01 Describe your startup in more detail

Bingtellar is a blockchain startup thats building modern cross-border payments infrastructure and tools for Africa, streamlining global transactions for individuals and businesses. Our platform enables swift and cost-effective cross-border transactions within/across Africa for African diasporas, freelancers, remote teams, international contractors, and businesses. Unlike the conventional 714 business days, our solution ensures rapid, seamless, and affordable money transfers. Picture it as the Wise for Africa, harnessing the efficiency of stablecoins to reduce both costs and transaction times significantly. Currently live in five African countries (Nigeria, Ghana, Kenya, Rwanda, and Uganda. Bingtellars vision is to bridge the gap between Web3 payments and traditional financial system.

01.02 What is the main problem you are trying to solve?

We're tackling the complexities of cross-border payments faced by African diasporas, remote workers, and businesses. The current cross-border payment systems present numerous inefficiencies, creating significant challenges for businesses and consumers across Africa. Currently, more than 85% of businesses are frustrated by the tedious processes and difficulties involved in international transactions, especially when using outdated systems like Western Union or local FX brokers. These methods are not only inefficient, costly, and sluggish but also result in billions of dollars in losses annually. Issues such as rigid currency restrictions and inadequate infrastructure further impede growth. With globalization on the rise, there's a growing demand for enhanced connectivity to the global economy and streamlined financial operations. This presents a lucrative $103 billion market opportunity that current players like Wise and PayPal have yet to fully capitalize on due to infrastructure.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

Bingtellar is akin to a Wise for Africa, but tailored to both crypto and non-crypto native users. The beauty of Bingtellars design is that it does not impact the customer experience. No understanding of complex technical systems is required for non-crypto users. Users transact in tokenized versions of currencies they already know stablecoins for Crypto friendly users. We have given users the flexibility to pick their preferred currency and process transactions. In today's interconnected world, international payments have long been plagued by inefficiencies, exorbitant fees, and complexity. This is where Bingtellar comes in. Our cross-border and payment product is not confined by state boundaries. With Bingtellar, users can send money using both fiat and crypto, fast and affordable

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Freelancers, gig workers and Businesses

01.05 When was your company established?

2023-02-15

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

(a). Name: Joshua Tebepina Position: Co-founder & CEO Bio: Joshua is a serial technical founder with experience in finance, payments and over 10+ Software Engineering experience and 5 years of web3 experience. Previously co-founded a software development agency that has built and scaled over 12 products to hundreds of thousands of users across different continents and he has worked at a number of startups outside of founding his own. Recognized as one of Africa's Top 100 leaders focused on advancing Africa's next-gen financial infrastructure using Web3 Technology by Nodo, you can find more details at https://nodo.xyz/web3frontrunner100 . (b). Name: Arepade Peremi Position: Co-founder & CTO

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://bingtellar.com/

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Ensuring African can receive payments for Job done and families can receive remittances

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

Ensuring African can receive payments for Job done and families can receive remittances

02.03.01 My startup contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification for my startup

Getting is good living

02.04.01 My startup contributes to the Quality education goal

1 - Strongly Disagree

02.04.02 Quality education - Justification for my startup

Getting paid helps with furthering quality education

02.05.01 My startup contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification for my startup

We promote gender equality at our our work place

02.06.01 My startup contributes to the Clean water and sanitation goal

7 - Strongly Agree

02.06.02 Clean water and sanitation - Justification for my startup

We support communities with projects to help the environment

02.07.01 My startup contributes to the Affordable and clean energy goal

7 - Strongly Agree

02.07.02 Affordable and clean energy - Justification for my startup

We support communities with projects to help the environment

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

Decent work culture and economic growth is at core of everything we do

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

We product inclusive and innovative products and infrastructure

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

We promote equality for all

02.11.01 My startup contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification for my startup

We support communities with projects to help the environment

02.12.01 My startup contributes to the Responsible consumption and production goal

2

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

2

02.13.02 Climate action - Justification for my startup

-

02.14.01 My startup contributes to the Life below water goal

7 - Strongly Agree

02.14.02 Life below water - Justification for my startup

-

02.15.01 My startup contributes to the Life on land goal

2

02.15.02 Life on land - Justification for my startup

-

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

7 - Strongly Agree

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

-

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

-

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

7 - Strongly Agree

06.02 The product/service represents an entirely new type of product/service.

7 - Strongly Agree

06.03 The product/service could be described as a new technology.

7 - Strongly Agree

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

7 - Strongly Agree

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

7 - Strongly Agree

06.08 Justification for my startup

-

06.09 Competitive Analysis

A: We have both the - 1. Traditional Remittance providers like Wise, Paypal, Western union, and also 2. Crypto exchanges like Binance, Quidax, Paxful, Yellow card and more However, our approach sets us apart. Unlike crypto exchanges, we simplify the complexity of crypto, using it primarily to expedite and economize global money movement. With a solid first-mover advantage, we've honed utility-first payment experiences, catering to thousands of customers globally. Distinguishing ourselves from traditional remittance products, we harness Stablecoins and crypto to tackle the unique challenges faced by underserved populations in Africa. While established players are intimidating, there are lots of things we believe we can do much better and outshine them. I think moats are typically kind of overrated. We believe in continually improving user experiences and creating significant value within existing ecosystems rather than building isolated financial ecosystems.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes, we have developer communities for women, we teach them tech skills and source jobs for them