We know what we are!
Fintech is shorthand for Financial Technology. This is a broad term to mean (according to Investopedia) “new tech that seeks to improve and automate the delivery and use of financial services”. VibePay clearly does this as our app makes it easy for people and businesses to pay and get paid - a financial service. That makes VibePay a Fintech.
Startups are young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers. VibePay launched its first product in 2019 so it is a young company with a unique product. That makes VibePay a Startup.
Being a startup is clearly a massive ask which explains why many startups fail. Is the product really unique? Does the market really want it and will we have enough money to get it to market if enough customers do? Will it be the best thing ever? Will our customers use it over and over again? Will they recommend it to their friends, family, colleagues etc.?
Startups live and grow by innovation. To have a chance of real success (i.e. being really big like Amazon or Apple or Google - these were tiny startups once), a startup cannot just do the same as another company. Startups “disrupt” because the existing products or services in the market are deficient in some way or don’t exist at all. Startups aim to create an entirely new way of doing things. In 1994, Amazon was just an online marketplace for books, in itself innovative, but Amazon is now a technology company that also delivers stuff (including books - real ones made out of paper).
VibePay is giving people a new way to pay, get paid and communicate with each other. That makes VibePay innovative. The VibePay team is working relentlessly to build the best possible app and bring this exciting new product to as many people and businesses as possible as fast as possible.
To do this, VibePay needs funding (cash). How we have raised this up to now, how we aim to raise more cash in the future and why this is hard will be covered in the next blog or three. Watch this space!