BuyBack Bazaar, the world’s first platform where retail shops enter live bids to buy different categories of second-hand items, is now seeking to raise $350,000 via their equity crowdfunding campaign on Eureeca.
BuyBack Bazaar was launched to solve problems of short term funding in a quick and transparent manner that respects an individual’s dignity. The Fintech platform has already started making inroads into the global pawn market, estimated to be a $3.5 trillion market growing at 5% per annum. Although highly profitable for operators with interest rates ranging from 250% to over 400% per year, these rates place significant financial pressure on customers who are usually under-banked with limited access to alternative credit.
“Our platform connects individuals in need of short-term cash directly with retailers who buy and sell used assets. By creating a transparent and competitive bidding platform, shops compete to win deals. This ensures customers always get the best price at the lowest service costs,” explains Ricky Husaini, Co-Founder, Buyback Bazaar. “There is a dire and global need for more efficient and transparent lending platforms to disrupt illegal and predatory loan sharks operating in many countries.”
Three critical features make BuyBack Bazaar a “world-first”:
1) Competition drives best customer value: Shops enter their highest price to buy and the lowest profit margin to sell the asset back so customers always get the best price on the network.
2) Full Flexibility: Shops select assets where they have the expertise and can either invest funds and earn a very lucrative profit OR simply ‘rent out’ their services to other investors for a healthy fee. This ensures customers are always served by experts.
3) Powerful Network Effect: Customers visit any shop on the network to collect their cash. BuyBack Bazaar manages settlement between shops so every new shop joining the exchange makes the entire network stronger.
So far, BuyBack Bazaar has successfully completed over 1,300 deals with very exciting results:
– High customer repeat rate: 62% of their clients did more than two deals, of which a third have done more than four deals
– Global appeal: Demand growing at 20% per month with 35 nationalities served to date
– Highly scalable model: Our platform is completely asset-agnostic and serves any market where products are standardised and have a vibrant secondary market (gadgets, luxury watches, automobiles, boats, etc.)
According to Husaini, other features planned for 2019 include Inventory BuyBacks for small businesses and remittance services where customers send cash back home quickly and cheaply over the Blockchain. “We have now expanded from our home base in Dubai to two additional cities (Abu Dhabi and Sharjah) and plan to add additional asset classes such as automobiles and luxury Watches over the next quarter.”
BuyBack Bazaar’s vision for the use of the funds raised via Eureeca is primarily for:
1) Digital marketing and go-to-market strategies (35%)
2) Team remuneration (40%)
3) Blockchain development (25%)
BuyBack Bazaar’s funding round on Eureeca.com is set to close on 22 May 2019.