Payquid Inc
Payment service provider
Model
SaaS App
Industry
Finance
Stage
MVP
Location
Dallas, TX
VentureGrade℠
84
out of 100
Payquid QR code payment technology saves customers money and time.
Elevator Pitch
Payquid is solving problems of debit card frauds in developing countries especially Nigeria where over 65% of payment frauds are orchestrated with debit cards. Payquid is using QR code payment technology to enable cash withdrawals and digital payments from POS terminals and ATMs using mobile phones thereby completely eliminating the use of debit cards for payments and cash withdrawals
Founder(s)
Revenue Model
Payquid is a subscription base and transaction fees revenue model. $3 subscription fees monthly for premium subscribers to access Payquid features like Cross boarder FX payments and Crypto currency conversion. $0.1 transaction fees for each transaction conducted via Payquid app and POS terminals.
Startup Journey
Payquid concept was developed after I became a victim of debit card frauds on 2 occasions in Nigeria. I and my team of classmates from high school of over 20 years ago came together to find a solution to this menacing problem affecting the Nigerian banking industry as commercial banks don’t seem to have a solution to this problem aside blocking the debit card when a report is made.
Payquid product development is currently in a proof of concept stage as Payquid is in a partnership with Nigeria’s number one commercial bank to enable Payquid test it’s MVP features. Since the coming of the present administration in 2023, the government of Nigeria formally adopted the use of contactless payment for digital payments and cash withdrawals. This approach have led Payquid to being incorporated as a Delaware C Corp in US. I relocated to the US in 2024 to incorporate Payquid.
Go-To-Market Plan
Payquid has recruited the services of 1000 payment merchants to work with Payquid POS terminals with QR code scanners to enable access within the CBD of Nigeria’s most populated state, Lagos. Social media marketing to create awareness and increase downloads as we targeting 100,000 downloads for the first month
Potential Exit
Exit in 5 years with 100% RO1. TAM of $24 billion and Africa’s largest economy and population said to reach 500 million people in next 10 years. Payquid ideal acquirer is a VC with foresight and keen interest in African market and sees the potentials especially in Fintech in Nigeria
VentureGrade℠
Pitch Deck
Pitch Video
