Truubank

Truubank is an African neobank that is simplifying money for Africans and enables their economic prosperity.
The problems we are trying to solve for include;
1. Financial services are expensive.
2. Credit, Credit, Credit is still a fundamental challenge.
3. Generic products that are not cognizant of different circumstances.
4. Lack of financial literacy.

1. We have a signed up a banking partner
2. We have built a version of the App which includes a current account, saving account and community account.
3. Through our website we will measure interest by allowing customers to add themselves on a waiting list
4. In the waiting list we will also build a product timeline with chance to vote on specific product feature

We are mainly targeting the ages of 15 to 40. Our overarching customer segment at the 'unhappily banked' and the 'underbanked'

Truubank is an African neobank that is simplifying money for Africans and enables their economic prosperity. We are solving the following problems;
1. Financial services are expensive.
2. Credit, Credit, Credit is still a fundamental challenge.
3. Generic products that are not cognizant of different circumstances.
4. Lack of financial literacy.
These are just a sample of the challenges that everyday Africans face on the continent. At the core of it they do have access to financial services but those financial services are not cognizant of their evolving needs and challenges.

1. Digital-first bank( front office, middle office and back office fully digitized to not only match customer expectations but also enable speed of innovation and to lower overhead costs.
2. Personalized banking powered by big data which allows the transition from generic to person-specific banking. e.g Credit scoring, BNPL
3. Rethinking credit scoring & credit products for underserved communities
4. Cheap and transparent pricing.
5. Ethical and customer-focused services.
6. Drive financial literacy and education
7. Help people save and invest
8. Community banking

We don't have direct competitors so people do different things to do or achieve the same things they want to achieve
1. Savings - For savings, most Africans just save under their mattress(that's not a joke that's an actual thing). e.g In Kenya, It is estimated that there is over $13 Billion dollars saved informally.
2. Credit - Most Africans are unfortunately desperate and will take any options for credit. We have seen the proliferation of digital lenders in countries like Nigeria and Kenya with APRs as high as 400%
3. Growing wealth - owing to the fact that most Africans are either not exposed or have access to investments they opt to either save or invest in traditional assets like land
4. Broken banking experience - there is nothing they can do around this and they are forced to use manual and expensive services.

"What does the future of banking look like? What makes us different?
1. Digital first bank( front office, middle office and back office fully digitized to not only match customer expectation but to also enable speed of innovation and to lower overhead costs.
2. Personalized banking powered by big data which allows the transition fr om generic /one size fits all banking to person specific banking. e.g Credit scoring, BNPL
3. Product innovation in a world wh ere banking services will be distributed on smart phones. e.g Rethinking credit scoring & credit products for underserved communities
4. Cheap and transparent pricing.
5. Ethical and customer focused financial products.
6. Drive financial literacy and education
7. Help Africans to save/invest with a view to grow their wealth and improve financial health & stability.
8. Community; Banking the African way
9. Building a financial OS that will evolve with the changing times regardless of what the future holds e.g Web3 and DeFi"

Sources of revenue will be as below
1. Payment fees &/or commissions
2. FX Margin
3. 3rd party integration fees e.g integration an investment product into the bank.
4. Credit interest margin
5. Treasury
6. Premium account fees
Average revenues per user in this category are anything between $40 to $170 a year

Our business model

60% of the raise will be spent on people (engineers to build)
15% overheads
25% Operations and Growth

We are raising $400,000 in a safe note that is uncapped with a discount of 15% at the next raise when the note will convert,

1. Building trust with customers
2. Regulation and Policy

Accepted into the new chip startup accelerator