Describe the company – the elevator pitch…
Paytween was born with a mission to solve problems associated with friends sharing expenses. These include a named few ending up paying for the rest, the hassle of asking your friends to pay you back, the exclusion of certain friends from plans who have bad track records in “paying back their share”.
The solution that we provide is called Paytween, and it is an App for smartphones.
How are you different?
Paytween has a very strong social focus, and is very different from the typical calculator/Excel type of App that you can find in the market. We are a chat, and everything happens around this real time chat….a very cool chat to say the least! This makes Paytween very intuitive and easy to use:
• You create a group for each plan and add your friends.
• You chat with those friends and write down the group expenses, stating for each expense the people who are participating in it.
• The App automatically sums-up telling you how much you owe or are owed in each group.
• You choose your preferred payment methods among those that you already use like Paypal, Venmo, etc.
• And you settle your debts easily
Paytween allows you to settle debts connecting with the major payment Apps, including those that deal with cryptocurrencies. This version of the App has been available in Google Play and App Store since March 2017.
In the near future, not only will you be able to settle debts with your friends in each group, but also with friends of your friends and friends of the latter (and so on) based on Paytween’s own reputational blockchain ecosystem. Paytween’s users will build up their reputation based on the reviews of those who have settled a debt with them.
— Paytween (@paytween) August 20, 2017
Why will the company/product do well?
All around the world people face similar problems when sharing expenses. We provide an innovative and easy solution to a big global market that is growing. People are increasingly more willing to use Apps for these kind of issues and Paytween provides the user with many benefits, amongst which to help control their finances, keep friendships running smoothly and make their life easier.
Where are you based?
Our HQ is in Mclean, Virginia, USA but we also have offices in Madrid, Spain
When was the company launched?
In February 2016
— Paytween (@paytween) August 16, 2017
What have been your biggest wins to date?
To gain our user base, which is growing daily. Users who have tried the App for the first time, have liked it and keep using it on a regular basis, and who tell their friends about it.
We´re also excited to be present in 77 countries.
What type of people (market segment) are you trying to attract to your product?
People of any age who have social plans and share expenses with their friends and families.
Tell us about your team?
We are a small team of excellent international experts based in our 2 offices, including product developers, marketing and social media experts, who are moving the company forward with a tremendous amount of energy and motivation.
What are your long term plans for your product/company?
We´re looking to consolidate our global world presence and continue developing the App in the direction that provides the most value to our users. We also want Blockchain to form part of our business.
What are your favourite gadgets?
Smartphones. Nowadays one can do almost anything with a smartphone and we love the idea of being able to contribute towards that.
What tech gadgets do you wish you could use to help you?
Blockchain…we are getting into it!
Anything else you’d like to add/we should have asked?
We’re pleased to have our first users in Ireland given that it is one of the most techie countries in the world and the users will no doubt analyze our App with a very critical eye.
How do people get in touch with you?