Executive Business Summary for Simplr

Siddhanjay Godre
Sep 5, 2018 · 6 min read

Introduction

Simplr is a decentralized Web 3.0 application to simplify splitting bills with friends and family on the blockchain. It is a great way for splitting dinner tabs , sharing expenses with friends on trips or coordinating household purchases with roommates.

Simplr keeps track of your contribution in shared expenses , allows you to make combined payments to vendors and ultimately calculates and refunds you back the leftover amount.Users start out by funding the smart contract with Qtum tokens, adding friends to the group,making purchases using the contract and at the end, withdrawing the leftover money owed to them.

About Us

Simplr was born out of sheer frustration for the lack of an existing solution which could manage shared expenses as well as act as a payment medium. We had been fiddling with the idea of creating a solution ourselves and Qtum Hackathon acted as a great motivation for us to get going.

The Simplr team is based out of Singapore . It comprises of 2 technical adept people with a business mindset — Siddhanjay Godre and Niharika Gupta .

Siddhanjay is Software Engineer at Works Applications , busy building intelligent AI integrated Enterprise software used by several multi-billion dollar businesses worldwide. He is a blockchain enthusiast , brings in innovative solutions and looks forward to being an entrepreneur.

Niharika is a Senior Software Developer at Visa Inc. writing software that handles billions of dollars of cash flow worldwide every single day. She brings in immense experience in handling user payments, data analytics, customer acquisition and managing customer loyalty programs.

What problems does Simplr solve ?

Anyone who has ever traveled with a group of friends or shares an apartment would know the trouble. Splitting bills is difficult , more so when you do this multiple times on a daily basis. Not only does managing so many bills with several people become a tedious process , but also making the payments on time to settle such bills is troublesome.

Simplr is created to get rid of your bill sharing and payments woes. Some of the problems that Simplr solves are :

  • No need to keep track of how much you are owed/you owe people. Leave it to Simplr to calculate that for you.
  • Stop worrying about late payments from friends or constantly nudging that friend to pay you back. Simplr stores the money you are owed in a smart contract. You can withdraw your balance money anytime anywhere.
  • The system is entirely trust-less. You don’t need to trust any human participants to owe you money . Humans can cheat , a block of solidity code on the blockchain never will.
  • Minimize the total number of transactions you need to make . Fund the contract and withdraw your money , those are the only transactions you need to make. If you weren’t using Simplr , you would have to pay your share with every payment made to a vendor
  • All the important phases are done on the application itself. Keeping a track of your bills , amount you are owed , making payments to vendors and withdrawing your remaining money — everything is handled by the app.

Market analysis

Our team has been doing extensive market analysis to figure out who the potential customers are , what are the existing solutions , target market industries and the sales verticals .

Our business model canvas

Existing solutions out in the market

There a few applications in the market for managing shared expenses. There are many solutions for making payments. But there is not a single solution out in the market which does both, the way that Simplr does.

Expense sharing has to be one of those problem domains for which a smart contract is an idealistic solution.Working in a trust-less environment with the security of the blockchain seem to fit Simplr’s use case perfectly.

Splitwise has to be the biggest player out there in the market to offer an expense sharing application. It works well for keeping a record of your expenses but offers no solution to settle them up without any external payment system. Splitwise is a centralized application which does not leverage blockchain technology. So are other several apps like Settle Up, Group Me and Square cash. There exists one solution on the blockchain, Lndr which again does nothing more than manage expenses with no facilities for making payments.

Our market analysis shows that Simplr has a unique value proposition with an innovative approach to solving the expense sharing problem for potentially millions of users . The solution that Simplr proposes has never been approached until now and we really believe that it will work out in the real world.

Target market

The primary target users of our business would be millennials who frequently share expenses with friends in cases like while travelling or sharing apartment, grocery bills, splitting dinner tabs and taxi bills.

Expense sharing is something an average person tends to do quite frequently. We don’t limit the target market to a specific set but keep it open for various use cases.

Our initial focus would be on the travel sector because this is the place where most of the expense sharing takes place , from booking flight tickets and hotel rooms to splitting restaurant bills and taxi fares , all take place when going on a trip with friends.

Revenue model

Our revenue model will be based on the following approaches:

  1. Data driven advertising on the app
    We will leverage the immense amount of useful data we can keep track of. Through our application, we know precisely the spending habits of our users which can be leveraged for showing them very relevant advertisements which generate us revenue to be hosted on our platform
  2. Data driven marketing
    Again , we will use the data willingly shared by our users to offer them several schemes and discounts in collaboration with our partners.We will also have some loyalty programs to offer incentives to use our platform to make payments instead of the traditional approaches.
  3. Currency conversion fees
    In the future, we plan to allow our users to use a host a single cryptocurrency in their account but pay to vendors in any other cryptocurrency. Our platform will allow them to swap with any other currency with a 1% fee charged by the platform as a convenience fee.
  4. Enterprise solutions
    In the future, we plan to release an enterprise edition for expense sharing which will be based on a subscription model. The enterprise edition will be targeted at financial institutions or collaborations where they group together to make a combined payment. An example could be shared co-working spaces with an account for each tenant that shares the utilities,rent,event costs,etc.

Potential partners

We plan to have partnerships with organizations with offers to collaborate in a win-win situation. We will target companies where expense sharing is commonplace. This will gain us users and offer the company ease of processing payments and digitization of payments .

Here are some of our potential partners we would like to target:

  1. Taxi sharing applications
    Uber , Grab ,Ryde , Lyft and other car pooling apps
  2. Travelling and booking sites
    Booking , Traveloka, Tripzilla ,Redbus
  3. Online grocery shopping apps
  4. Collaboration with restaurants and cafes

How will we scale ?

Expanding our business is something we have kept as the utmost priority. We want to broaden our customer base both geographically and socially. Also, we want to have high customer retention rates which we will ensure using KPI measurement against set of audience. Also, we will ensure our performance by scaling vertically instead of horizontally i.e. instead of buying new and powerful machines we will add more nodes in distributed fashion as and when required based on usage. Also, we will build collaboration with segmented business partners like apartment, food and cab sharing enterprises. We plan to amass a critical user amount of 500 daily active users for the first 2 months and then go on from there to target 10000 daily active users at the end of initial 6 months.

Use Simplr to make memories , live the moment , travel free and don’t worry about your money. Make life Simplr

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