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Duminex.com

Finance Marketplace

UAE
Market: Financial services
Stage of the project: Operating business

Date of last change: 14.11.2019
Min investment
$  50.000
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Total required
$ 300.000
Rating
equalizer из 1000
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Idea

We connect companies with the top 5% of freelance finance experts.

Current Status

MVP working on traction.

Market

Our customers are Startups, SMEs and Self Employed businesses where they do not require a full time accountant and therefore outsource the same.
There are Tens of Millions of such customer group globally like:
USA: 27 Million
UK: 6 Million
Australia: 2 Million
Xero & Quickbooks only have around 4 Million cloud users which is growing around 10%+ a year which are SMEs and our target clients.

Problem or Opportunity

There is no platform where you can find top accounting talents with low cost.

Problem With Existing Solutions ( Online )
- Marketplaces such as freelance.com, fiverr.com, elance.com etc.. :
A: Are not specialized in the accounting area
B: Allow any individual to become an accountant
Toptal.com also has two issues:
A: Finance is number 4 on their list of services which shows lack of focus
B: They serve CFO level services which is very costly & unfit for SMEs

Problem With Existing Solutions ( Offline )
- Thousands of accounting firms out there also have four major issues:
A: Customers must search them offline & call to inquire & close
B: No transparency due to lack of progress & management dashboard
C: Hiring incapable accountants due to lack of a hiring process in place
D: Higher costs to end customer as compared to an online marketplace since
they have to pay rent, salaries etc...

Solution (product or service)

Build a specialized platform and bring only the best of accountants on board.

Solution Structure ( Customers )
- Put in place a rigorous hiring process for hiring only top accountants
- Long term and short term hiring
- Guaranteed short deadlines and on time deliveries
- Guaranteed hiring in 24 hrs
- Escrow accounts to ensure safe payments
- Provide local and on site accountants
- Guaranteed 100% compliance, we will ensure all financial numbers by all
accountants are provided to all customers with TAT of 7 days for monthly
reports, 15 days for Quarterly & 30 days for Annual reports

Solution Structure ( Accountants )
- Manage supply & demand so every accountant gets guaranteed monthly
business and income
- We will add a margin to any bid/quoted price and display to end customer so
accountants won't feel pain of paying any commission to us
- Partial payments to accountants in case of half way job cancellations
- Build reputation by customer rating and reviews

Competitors

paro.io
scalablecfo.com

Advantages or differentiators

1: We are specialized in the accounting vertical.
2: We will only let in top accountants by putting in place a rigorous hiring process.
3: Guaranteed result: which is our measure of success.

Finance

5th year projections:

250,000 paying clients
600M$ GMV
100M$ Net Revenues ( 17% margin )

Business model

We are a 2 sided marketplace platform where we make commissions out of overall volume generated.

Money will be spent on

We will need to invest in product and promotion.
By which we would need a senior product designer, android developer, IOS developer, tester and a backend developer.
In marketing we would need to hire content marketing, seo, and general marketer for social, email, etc.
And a budget for monthly spending on Ads.
We would like need 2-3 BDs.

Offer for investor

10% of the company

Team or Management

Risks

- If accounting becomes fully automated and there will no longer be needs in accountants or finance experts.

- Habit change of customers from hiring accounting firms to freelance accountants.

Incubation/Acceleration programs accomplishment

We were selected as part of the community of Sheraa startups based out of Sharjah from government.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video