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49831

Fawter

Invoice & Get paid

UAE
Market: Internet and IT
Stage of the project: Operating business

Date of last change: 15.10.2020
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Idea

We provide a platform that allows merchants to invoice on the fly and get paid, thus turning their business online with minimum setup.

Current Status

Launched on the first week of October 2020

Market

Our intention is to capture as many merchants as possible from our key segments, which are SMEs, Consultants, Private Practitioners, and Mass Billers. Our modules however can work with many more segments, including grocery stores and restaurants.

The global market is switching to e-invoicing. 550 billion invoices are shared every year, out of which 10% only are e-invoices. This number will almost quadruple to 220 billion invoices, which opens the need for new invoicing and billing platforms to handle this demand. Governments are making e-invoicing mandatory to reduce tax evasion, and similar objectives are slowly being implemented in the GCC. Customer acquisition strategy to be disclosed to concerned parties.

Problem or Opportunity

Fawter.com both creates value and solves problems: Fawter.com enables merchants (freelancers, consultants SMEs and enterprises) to shift to electronic invoicing and optimize financial operations. Fawter.com contributes to the new government goals to switch to e-invoicing to reduce tax fraud. Fawter.com runs from any device after a one-time profile setup.

Solution (product or service)

Fawter delivers powerful invoicing modules with basic accounting, and can integrate with most payment gateways. Fawter can be setup and run in minutes, and runs from any internet enabled device.

Competitors

a) Payment gateways may include simplified invoicing modules.
b) Similarly, full-fledged online accounting platforms incorporate complex invoicing modules.
c) Platforms similar to Fawter have just started to emerge in the MENA region, notably from Egypt which is backing the Fintech industry with significant funds.

Advantages or differentiators

The power of Fawter.com is to simplify setup, bill on the go from any device (including snapping a picture to bill), and the flexibility to integrate with most payment gateways, thus providing merchants with a simple tool to stay on top of their business finances.

Fawter differentiate itself with its offering allowing quick and frictionless onboarding of new merchants, attractive fees, support for multiple local payment methods. Fawter is tailored for market segments that are currently unaddressed including Freelancers, SMEs, Shops and other businesses with dedicated billing tools to optimize sales operations and issuing of invoices.

Finance

The major revenue stream consists of the platform usage by the merchants and the modules they use. Our prices are strategically competitive.

It is also possible to lease our platform on white label basis, for private entities and organizations.

Business model

The

Money will be spent on

Marketing: Create a noise and go viral.
Operations: slight increase to the operations team.
Development: increase to the development team and customize modules per market segment.

Team or Management

Risks

As the market is nascent and lucrative, the entry bar is low and the market will incur something similar to a gold rush.

That being said, the major risk comes from competition, and how fast can a startup procure development budget, operation budget, and marketing budget. Speed might be of the essence.

A major advantage we hold over the competition is that we are already servicing our merchants with a platform that has been fully developed and to which we add additional modules along the way.

Incubation/Acceleration programs accomplishment

NA

Won the competition and other awards

NA
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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