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 start-up / high growth / Finance experience to contribute to the development of the company.
The Non-Executive Directors will be encouraged to become shareholders in the Company to align the incoming Non-Exec’s 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
Applying for the roles
Candidates who feel they meet the above criteria are invited to apply, having first registered their CV with First Flight Non-Executive Directors (if they have not already done so – there is no charge) by using our “Apply for Role” tab and completing the application form explaining how they match the key criteria we have set out for the role.
Role: 1128 - FD Non-Executive Director
Role: 1129 - FX Strategy Non-Executive Director
Role: 1130 - IT Non-Executive Director
Role: 1131 - Digital Marketing Non-Executive Director
