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.