Dear valued investors,
Enclosed is a summary of our key updates from November, followed by an ask where your support can further amplify our journey:
1.
GTV & Revenue
November witnessed a resurgence in our monthly revenue, hitting $174k – a 17.41% increase from the previous month. This was primarily driven by our consumer cross-border payment sector. Overall, our Gross Transaction Volume (GTV) also grew by 8.80%, reaching $58.8 million.
2.
Transactions
While GTV and revenue saw increases, the number of processed transactions declined by 12%, totaling 320K for the month.
3.
Distribution
We added 25 new activated users in October, accounting for half of the total activations in Q3. The sales team met their quota, with [ ] and [ ] as significant new clients.
4.
White-label Business Banking Initiative
Negotiations with our banking partners are progressing well, and we are happy to share that we are in the final stages with one bank, having agreed on the principal terms. We are also continuing to make good progress with another bank. Our aim is to complete the signing before the holiday season, though realistically, it might extend to the second week of January.
5.
Burn Rate
Our burn rate has now stabilized at $110K, with a current cash balance of $2 million. Based on our financial projections, our runway is estimated at 18 months.
6.
Ask
As we gear up for Series A fundraising next month, we're keen to connect with potential investors who share our vision. If you have contacts in your network who might be interested, we would greatly appreciate any introductions. We understand the importance of a warm introduction and the value your endorsement carries. Should you have any contacts that might be interested in a discussion with us, we would be grateful for the opportunity to connect with them.
GTV
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The GTV saw a significant boost of 8.8%, reaching $58.81 million, a notable increase from the previous month.
Number of transactions
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Unfortunately, enterprise transactions experienced a downturn, largely due to a decrease in domestic transfer activities.
Revenue
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On a brighter note, our revenue for November reached an encouraging $174k, marking a 33.48% increase, largely driven by growth in the consumer platform.
Monthly Paying Users
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In November, we added 25 new users, including notable ones like Ayana Group and Desty. Our sales team is on track to meet their quarterly quota.
User Retention
Highlights
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Our progress remains in line with our strategic plan, primarily constrained by our current resources and financial runway. This is shown by our small sales team that always reach its quota.
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To ensure sufficient runway for the white-label banking deal, crucial for our long-term success, we've opted not to aggressively increase our burn rate for now. We believe this approach is key to steadily achieving our long-term objectives.
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Our current capital limitations also restrict our ability to expand distribution efforts, including addressing potential increases in floating funds.
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Nevertheless, based on our strong core metrics and unit economics, we are ready to shift our focus from product development to scaling our distribution and Go-To-Market (GTM) efforts. Consequently, we plan to initiate our fundraising activities in January 2024 to support this transition.
Lowlights/Challenges
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Negotiations with our banking partners are progressing well, and we are happy to share that we are in the final stages with one bank, having agreed on the principal terms. We are also continuing to make good progress with another bank. Our aim is to complete the signing before the holiday season, though realistically, it might extend to the second week of January.
Looking Ahead
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Assuming everything progresses smoothly, we are targeting to start our fundraising efforts around the third weeks of January 2024.
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We plan to maintain our current pace, focusing not on extensive recruitment but rather on the gradual expansion of our Go-To-Market (GTM) team.
Ask
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As we gear up for Series A fundraising, we're keen to connect with potential investors who share our vision. If you have contacts in your network who might be interested, we would greatly appreciate any introductions. Your support could be instrumental in helping us find the right partners for our next growth phase. We are ready to engage with detailed plan and insights into our business.
Thank you for your continued support. Please feel free to contact us with any questions or feedback you might have.