Role: 1138

To apply and complete application form click 'here'

For further information, please see links below:

www.bidwedge.com

Executive Summary

Investor Prospectus

Cash Flow Summary

Video: https://www.youtube.com/watch?v=VyGWIJkiSz4

Born Free Foundation

Investing Non-Executive Directors with commercial banking and marketing are required for our client in the B2C foreign currency exchange sector, based in Buckinghamshire.

Bidwedge is resolving the problem of what to do with unused cash currency by providing a seamless platform for individuals and business to sell their unused currency. This is done at live rate, charging a small fee for the swap. This is then sold back into the holiday sector using the same principal.

The unused currency market is estimated to be worth £6 billion and the company USP is that they are completely independent of Bank or Wholesalers making them 1st to market using this methodology.

The company is looking to strengthen their Board with the appointment of three or four Non-Executive Directors with a range of skills and experience to contribute to the development and future strategy of the company. 

The Non-Executive Directors will be encouraged to become shareholders in the Company to align the incoming Non-Execs’ interest with that of the Founder.

Business Concept

Our client was formed in 2018 with the aim of providing a completely independent business model for exchanging unused foreign currency and returning it to the consumer market at profit. Bidwedge are able to demonstrate through their ‘Proof-of-Concept’ trial that they have been able to purchase unused cash currency (assets) at a profit and return it to the consumer market at profit, without using Banks or Wholesalers as part of the transaction process, therefore remaining completely independent and producing a business model that offers a real challenge to the industry standard.

  • Currency is bought from people for people.
  • Bidwedge never buys currency from Banks or Wholesalers.
  • No hidden fees, free delivery & free insurance.
  • Every transaction fee makes a minimum 25% profit.
  • Swaps are done at live rate with a small fee being charged.

 

Market & Opportunity 

  • PoC turnover of £20k plus, with an ROI return of 500% on advertising spend.
  • 60 end-to-end sales into and out of the company including repeat users and continuing.
  • Average commission on each sale of £8, much higher than its cash flow predictions.

 

Below are the results of an independent survey undertaken for Bidwedge by PR company 42 Bruton:

  • 60% of Brits still try to have some cash on their person as it makes them feel financially secure - 28,82000
  • 55% of Brits when they go on holiday will still be utilising cash as their main payment method – 17,780,000
  • 16% of Brits have enough foreign currency lying around at home to cover a week’s living expenses – 6,329,000
  • 26% of Brits still have foreign currency from holidays that happened over ten years ago – 10,119,00

 

Non-Exec Director Role/Requirements/Expertise

  • Commercial Banking: Experience as a Non-Exec or Executive Director with commercial banking experience who has strong commercial banking connections and can lead the strategy of the banking systems.
  • Marketing: Experience as a Non-Exec or Executive Director with B2C digital marketing experience ideally with an understanding of currency.
  • Suggested initial investment of £25k minimum.
  • Sufficient time to prepare well and attend Board and Strategy meetings.
  • It is expected that the role will require approximately 2 days per month – more in the early stages.

 

The Non-Exec will become a shareholder in the Company, aligning their interests with that of the Founder. The company is registered for the SEIS scheme which provides 50% tax relief and up to 100% capital gains relief subject to status. £120k available through SEIS. Full EIS. 

Closing date for applications: Wednesday, 23rd June 2021

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