Bidweg Ltd wants to help solve the often over-looked unused/wasted holiday money market. It is aiming to create a Peer 2 Peer community platform bringing sellers/buyers together to exchange their unused currency disrupting traditional traders and delivering strong rates to both sellers/buyers
- UK households on average return with £110 of holiday currency.
- An alternative method to traditional sell and buyback methods
- Efficient model as sellers likely to become buyers
- £2.9bn of currency hoarded, £1bn wasted, market value est. £4bn
Up to £2.9bn of foreign currency is stored in jam jars at home. A further £1bn is wasted at foreign airports by returning British holidaymakers, which creates a market estimate of £4bn in the re-exchanging of currency. The apathy may be attributed to terrible buy-back rates and hidden fees. Globally over 1 billion travellers return with a proportion of $571bn exchanged every year, UN Travel Org 2015.
The Bidweg solution is to develop a community-based Peer 2 Peer trading platform for unused currency, challenging and disrupting traditional methods of currency conversion by bringing together sellers & buyers to exchange at their own rates with bidweg.com taking a commission to facilitate the process.
Yr1 focus is pre-revenue Seed investment to develop, market and launch the UK platform in 2018.
A study developed through Survey Monkey driven by a Facebook campaign indicated that a focused digital marketing campaign concentrating on a transparent community approach could lead to growth assisted by the organic sales patterns of sellers returning as buyers and vice versa.
In addition to crowdfunding, the company has applied for grant funding of £18k alongside loans of £20k.
The company will be applying to the FCA to enter the Regulatory Sandbox program, to identify what authorisations are required, applications open in Summer 2018.
Shon Alam – Founder/Director
Shon Alam is taking the lead in driving the company toward market launch. It is the concept of bringing buyers and sellers together to exchange unused currency and giving the consumer a better all-around deal that remains his passion.
Mr. Michael Winslow – Non-Executive Director
As Non-Executive Chair, Michael brings leadership qualities at a senior level whilst working for such companies as Lend Lease PLC, Energis PLC and Cable + Wireless as well as an Interim NED for The Royal Berkshire NHS Foundation Trust.
Greg Mizon – Non-Executive Director
Greg brings a wealth of experience from the banking sector, as Chief Risk Officer, and International Manager with the Commonwealth Bank of Australia (Regulated by the Financial Services Authority). Then had a stint with Moody’s KMV as Regional Director of the Credit Strategies Group. Greg is also currently acting as an NED to AJG Futures Ltd.
Jane Herbert – Non-Executive Director
Jane has been a director of Pilotmax Communications, a PR and Reputation Management company, for 27 years. Jane set up Pilotmax Communications in 1991 offering a full Public Relations service. Jane is now using her experience to provide advice and develop the marketing strategy for Bidweg.com.