Application YC di Flux

Winter 2021Active

Flux ha partecipato a Y Combinator nel batch Winter 2021 come azienda Fintech. Sotto: cosa fa l'azienda, chi l'ha fondata e la sua application a YC, ricostruita domanda per domanda nel form reale di YC.

Batch YC: Winter 2021
Settore: FintechPayments
Dimensione team: 8
Stato: Active
Lanciata: 2021

Founder

Israel Akintunde
Osezele Orukpe
Ben Eluan

Cosa fa Flux

We are building Flux- Flux is a Mobile App for merchants, freelancers, regular users(P2P) to make and accept payments from their customers anywhere in the world using crypto or fiat. We have built a mobile app that uses the merchants’ phone number, creates a wallet enabling them to receive payments in crypto or fiat without having to go to an exchange or pay expensive fees. Merchants can accept payments in crypto or in fiat. Payments made in Crypto can easily convert into fiat due to the built in fast reconciliation and is made available for spending immediately. Currently the vast majority merchants receive payments in crypto because of two issues (1) Paypal, Venmo, CashApp or Square to not exist in Africa and (2) the local currency fluctuates more than bitcoin due to inflation. But in order for merchants to receive money in crypto and exchange it into fiat they resort to crypto exchange apps and crypto addresses to receive payments which is a very complicated and expensive process. Merchants want to be paid quickly with the lowest amount of fees possible. This is why we are building Flux

Application YC di Flux, ricostruita

Domanda per Y Combinator

Flux, batch Winter 2021. Le vere domande del form, risposte da dati pubblici.

Founders2
Company7
Progress7
Idea4
Equity3
Curious2
Batch Preference1

Company

Company name

Flux

Describe what your company does in 50 characters or less.

Cross border Payments infrastructure

What is your company going to make? Please describe your product and what it does or will do.

We built Flux, a mobile app that allows merchants, freelancers, and regular users in Africa to send and receive payments globally using crypto or fiat. The app creates wallets tied to phone numbers, enabling users to accept payments without needing exchanges or complex crypto addresses. Crypto received converts instantly to fiat and is available for spending right away, solving the problem of high fees and currency instability in our region.

Where do you live now, and where would the company be based after YC?

We live and work in Lagos, Nigeria and the company is based there now and would remain there after YC.

Explain your decision regarding location.

Lagos is where the market is. Nigeria has no PayPal, Venmo, or CashApp for most people. The local currency fluctuates more than bitcoin, so Flux solves a real need for African merchants and freelancers who want simple, fast, low-fee payments globally.

21 risposte in più nell'application completa

Founders, Progress, Idea, Equity, Curious, Batch Preference sono nella versione completa. Crea un account gratuito per aprirla in YC Insights, accanto a ogni altro batch YC.

Vedi domanda completa

Domande Frequenti

Questa è l'application YC reale di Flux?

No. Y Combinator mantiene private le application inviate. Questa è una ricostruzione: le domande del form YC reale, a cui si è risposto usando i dati pubblici di Flux (note di lancio, background dei founder, descrizione del prodotto). Mostra come un'azienda come Flux si presenterebbe a YC, non il testo che hanno inviato.