4Traderx is the all-in-one application African traders and travelers need for banking, currency exchange, and buying and selling.
Current Status
Total Transaction: $3,056,436.00
Revenue: $36,066.92
Users: 3000+
Market
Africans in the diaspora Remittance
Problem or Opportunity
1. Access and wait times for merchants seeking fx from banks and remittance companies are complex, lengthy, and time-consuming
2. African merchants and gig workers are looking for a central place to access international clients and payments, all on the same app.
3. African Immigrants in America find it difficult to get a bank account.
4. African immigrants in the United States often need a Social Security Number to build credit scores.
Solution (product or service)
1. African merchants with local currencies can exchange them for dollars directly with Africans in the diaspora at their preferred exchange rates.
2. A truly Afrocentric e-commerce marketplace for African gig workers and SMEs to access foreign clients for local and international delivery and get paid.
3. You can get a USD bank account with debit and credit cards with your international passport.
4. African merchants can send invoices to international clients, pay suppliers, and be paid in local currency or USD
Competitors
We are the first in the peer-to-peer currency exchange market in Africa Indirect competitors: Western Union, Money gram, transfer wire
Advantages or differentiators
We allow users to set their exchange rates Nigerians can now send naira (local currencies) to their loved ones, unlike other remittance companies that can only do USD
Finance
Two side commissions on each transaction.
Business model
1. A two-sided commission fee for each transaction.
2. 0.8 - 1.5 percent Interchange on card swipe
3. APY for each account opened
4. Invoice and wire transfer fees
Money will be spent on
Rapid growth, growing the team and building new features and products
