Round 9

Buddr

Buddr makes your bread better.
$
30,000
worth of XLM on the day of pay-out*
worth of XLM on the day after voting*
Website

Buddr will be the uber P2P payments app for users to enjoy a better way of transacting through a safe and rewarding experience. For small business owners, Buddr gives merchants a better way to take control over payroll and save money on merchant processing fees all while providing a safer solution for their customers to transact.

In operation since

March 2021

Based In

Core product design team in Northern California | development family is in Vietnam

Stage

Development

Products & Services

Buddr is a P2P and retail environment payments app with multi-wallet and cross-boarder capabilities. We initially set out to solve the problem of cash only payments in the cannabis retail environment, but Buddr quickly evolved to a much broader demographic based on the praise we received from people who shared our demo outside of the cannabis space.

We use several SEP’s from Stellar, of course the most important being SEP 24 for providing users with the ability to on/off ramp funds from their bank account. We also use Stellar to offer users a way to instantly create a multi-sig digital escrow account. The escrow flow we designed is user friendly and provides a way for users to fund their escrow with crypto or USD.

Buddr will also create a USD stablecoin in partnership with our bank sponsor. This will allow us to avoid volatility when transacting throughout the Buddr ecosystem.

Buddr also has retail payment capabilities for taking cashless customer payments without large fees traditionally charged by card networks. With Buddr Business, employers can also pay their employees and independent contractors with instant payment settlements, all through the power of Stellar.

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Goal & Budget

We are very focused when it comes to our goals. A roadmap is only as good as the execution behind the goals outlined in the roadmap. Our first point of focus is to secure funding so we can expand our development team. This will allow us to build our MVP for beta. We have allocated 6 months to complete our MVP and 2 months of beta for final Q&A. We have confidence our model will scale properly allowing for Buddr to concentrate on the next phase of development for web integration and deliver proper API connectivity to widen our reach via web payments. If we remain focused on delivering what matters most to our users we can have a better understanding of how they use Buddr and identify key factors for future builds.

We use an Agile approach to scrum through each phase of our development roadmap. This allows us to remain very focused on our approach and reduce friction from miscommunication.

Legal representation is something we take very serious. We have retained 2 leading law firms, Goodwin Proctor and Harris Bricken. In fact our attorney at Harris Bricken introduced us to our bank partner who we have been working with for the past 4 months. All trademarks have been filed and for Buddr, we are in the final phase (Opposition Phase) of the trademark process with the USPTO.

We can always use additional support. I think any startup should be encouraged to allow support from the like-minded community.

Our Request

We already have a seed round funding offers which will be allocated towards development. We are seeking to raise $30,000 in order to cover additional resources and XLM and KYC costs for our initial users to onboard during our beta launch.

Progress so far

We first built a demo for our bank partners to demonstrate our capabilities to on ramp funds, transact P2P payments, keep a transaction history and send money back to the users bank account. You can view the Android version of our demo here: https://play.google.com/store/apps/details?id=app.buddr.android We have received term sheets from 2 investors for an initial seed round. We will start in the United States, but already have bank connectivity prospects for Mexico, Brazil and Columbia.

With regards to the cannabis retail space, these companies have a difficult time providing card services to their users. There are over 7,000 retail shops and expected to grow to 90,000 by 2025. Each retail store receives 100 customers per day on average. That’s a lot of cash! It’s unsafe and inconvenient for their customers. Buddr would solve this issue by using same-day and instant ACH coupled with the Stellar SEP’s in order to provide a way for users to transact.

Cannabis customers are doctors, lawyers, business owners, teachers, college students, moms and dads. We feel Buddr will grow exponentially through word-of-mouth as well as social media marketing with our social influencer partners, expanding Buddr beyond the cannabis retail space.

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With regards to the cannabis retail space, these companies have a difficult time providing card services to their users. There are over 7,000 retail shops and expected to grow to 90,000 by 2025. Each retail store receives 100 customers per day on average. That’s a lot of cash! It’s unsafe and inconvenient for their customers. Buddr would solve this issue by using same-day and instant ACH coupled with the Stellar SEP’s in order to provide a way for users to transact.

Cannabis customers are doctors, lawyers, business owners, teachers, college students, moms and dads. We feel Buddr will grow exponentially through word-of-mouth as well as social media marketing with our social influencer partners, expanding Buddr beyond the cannabis retail space.

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About the Team


*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)