What is Qpay?
Qpay is a platform created with the intention of creating a more convenient space for students & societies across Australia. According to their website, they say “We’re here for students, societies, and unions to facilitate the interactions that make campus life memorable.”
Qpay helps millennials to perform smooth banking with a debit card as well. This app goes beyond traditional banking methods which makes it fun to use this app. At the end of the week, Users will know, about how much money they have to have fun with like going out and on luxuries and how much money they have to spend on essentials like rent and textbooks.
What’s so special about it? Qpay is not just another debit card. It comes with an app too. This app helps students to manage & organize their funds in more fun way.
Qpay has a marketplace app too. It will allow the users to buy & sell used textbooks & other stuff as well. This helps the students to sell tickets & merchandise various stuff during their university life.
By the time Qpay appeared on Australian Shark Tank, They claimed that they had over 150,000 students using Qpay.
Founders of Qpay?
According to the Shark Tank Australia episode, the three founding members of Qpay are Andrew Clapham, Moe Satti, and Zakaria Bouguettaya. Zakaria is the CEO of Qpay. Qpay was started in 2014 & is thriving as a business when Zakaria was just 27.
Bouguettaya and Clapham met while studying at Australia National University and started an app development business
“I had a job interview at the ATO and I missed my bus because I didn’t know when it was,” Bouguettaya says.
What happened at the Shark Tank?
During the Shark Tank pitch, The three founders of Qpay state how thriving their business is. They come in to the Tank asking 380K$ in exchange for 8.4% of their company. This brought a value of 4.5M$ to the company.
They explain why they need such an investment. Mostly being new modifications to the Qpay app.They are also looking for an opportunity to grow all over Australia.
All the sharks show alot of enthusiasm towards making a deal with Qpay team. Qpay team further explains how their company deviates from an ordinary bank.
They reveal that their plans on getting in to the UK markets. Qpay founders also state their plans on getting in to University students through Student societies in the universities.
They have projections to earn over 180M$ per month.Realistically they will definitely make 4 or 5 Millions a year.
Shark Steve Baxter makes the first offer to take the entire lot offering exactly what they were looking for.But Janine Allis take the opportunity to respectfully back off from making a deal as she is not in to tech related businesses.Taking the same road as Allis Glen Richards also walks away from making a deal with Qpay team as he feared a possible conflict of interest with his existing companies
Then Andrew Banks expresses he is not as exciting to get 8.4% of the business as he likes a “bigger Chunk”.He also steps down without making a deal.
Now that three sharks are out Naomi Simsons takes the opportunity to make an offer. She matches their asked offer.
Although the team expects Steve & Naomi to work together on a deal. Naomi says that she will never work together with Steve.
But Steve says that he is willing to share the deal with Naomi making her taken aback.With this gesture,the rest of the sharks also show a great deal of surprise as they have never seen Steve & Naomi working together.
Naomi also finally makes here decision to go along with the deal sharing half of her original chunk with Steve
What happened after Shark Tank?
After securing a 380K$ from two sharks at the Australian Shark Tank, Q-pay team puts their foot in to the UK as well. This makes them a very successful fintech company.
Current Networth of QPay?
At the Shark Tank Qpay was valued at 4.5M$ & in 2021 it is expected to be around 10-15M$
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