Qpay Net Worth – QPay’s mission is to disrupt the banking system by attracting millennials. QPay is a banking application and debit card system designed to assist the typical millennial in managing their money more effectively. QPay assists millennials in managing their money in their accounts by automating the budgeting process. Without this functionality, the app functions identically to any other banking application. However, it takes into consideration the millennial’s lack of interaction with their bank account.
They are developed as a payment marketplace for university students accessible through the web and mobile devices. The company’s platform enables students to buy event tickets, society memberships, merchandise, and textbooks and get access to special offers, all via a single application.
Users are informed at the end of each week of how much money they have available for enjoyable activities such as going out and purchasing indulgences and how much money they have available for essentials like rent and textbooks.
QPay was already working with more than150 000 university students on its marketplace app at the time of the Shark Tank visit, accounting for about 1/8 of all university students in Australia.
Three Sharks leaped off the ship. Glen Richards withdrew due to his interests in other app interface projects, Janine Allis withdrew due to her minimization of expertise in the field, and Andrew Banks withdrew due to the 8.4 percent share.
On the other hand, Steve Baxter and Naomi Simpson each offered the entire $380 000 for an 8.4 percent share. After considerable debate about the advantages of having two Sharks aboard, Baxter and Simpson decided to a 50/50 share of the investment and ownership.
A strong presentation and comfort with questioning soon drew the Sharks’ attention. QPay initially sought a $380 000 investment for an 8.4 percent share to expand across Australia and into the United Kingdom.
They had previously received $620 000 in marketing and operational investments as an established company. Their anticipated growth rate over the following five years was 180 million each month. Their pace of development astounded all of the Sharks.