|| Securities, Unissued Securities
|| Asking Price
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Penny Inc is a Fintech company providing a payments and expense management platform designed for Small to Medium Sized Business (SMB). Penny utilizes a
cloud-based administration application known as Penny Central which is tied to the Penny mobile application and the Penny debit Mastercard card and virtual card
Penny Inc key features
- The Penny Inc desktop application, cardholder mobile app, MasterCard debit cards and unlimited Virtual cards and transactions are all free.
- Track your expenses in real-time as Penny card transactions automatically download into your online accounts ledger.
- Penny cards are prepaid debit MasterCard, and you control the amount of funds available. Your employees can make purchases anywhere MasterCard is accepted
however you control where it can be spent
- Employees can view their balance and request more funds anytime, from anywhere, and the funds can be instantly loaded.
- Focus on the ‘On – demand delivery’ and ‘not-for profit’ industries.
- Currently operating in the USA with 16,000 transactions a month
- Short term plan to expand into Canada and Australia by 2020
- Midterm plan to expand into Asia and later UK/Europe
- Already holds a non-exclusive agreement partnership with US company DeliverLogic with a network of over 10,000 drivers in 950 cities
- Issued 5000 cards to 250 customers by December 2018
- Quickbooks Global App Award’ November 2018
- Penny Inc is currently at 16,000 transactions and $0.5m gross dollar volume (GDV) per month
- Penny Inc will be fully profitability in March 2020 - $5m GDV
- The Monthly EBIT will exceed US$1m by December 2020 and exceed US$3m by December 2021.
- John Battley (Co-Founder and CEO) – Owner of one of Australia’s largest independent travel management companies
- Tony Ferguson (Co-Founder and COO) – Card payments expert in the financial sector, founder of EML Payments(ASX EML)
- Penny is raising up to US$2,500,000 In a Series B funding round (US$10M Valuation)
Use of Funds:
- Scaling up digital marketing and BDMs
- Geographic Expansion
- Program Launch in Canada, Australia and Asia
- Improve customer support capability
- Product Development
- Enhancement of Penny platform to support geographical requirements
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