Orokii app provides users and businesses with low transaction fee remittances domestically and internationally at a speedy delivery. Target users include individuals that want to send money to friends and family domestically and internationally. Additionally, Orokii targets small and medium-sized businesses that want to make domestic payments to another company or send money cross-border for payroll, invoices, or other business transactions. Also, the Orokii app can deliver payments to clients in the US on behalf of our partners. For example, Orokii’s partner, Tempo, can send payment to Orokii for delivery to its receiving clients in the US. Hence, Orokii serves as a Sending Anchor (SA) and a Receiving Anchor (RA).

Orokii App is solving the following problems

• High transaction fees: 6.4% average transaction fees, according to the World Bank remittance data. It is more than double the Sustainable Development Goal target of 3.0% by 2030.
• 1-5 settlement days.
• High currency markup.
• Lackluster user experience.
• Using a different app for domestic and cross-border money transfers.

How Orokii App solves the problems

• Lower transaction fees - less than 3% of the transaction amount.
• Speedy delivery - for example, it takes less than ten seconds to send payment to nTokens in Brazil, and nToken delivers the money in about two minutes to a receiving client.
• Using the same app to send both domestic and cross-border payments.
• Better user experience with a balance with security - every user must register with a government-issued photo ID, and KYC, or KYB, is conducted by default.

How the Orokii App works

1. After successful signup, a user links her bank account to the app using Plaid.
2. User deposit money to the app using the linked bank account - if a user deposits 500 USD, the app will credit the user wallet with 500 USDO (Orokii’s stablecoin).
3. With a balance of 500 USDO in her wallet, the user can send payment domestically to another user on the app (or invite another user to join) or cross-border. Cross-border payment is delivered through our Receiving Anchor partners (Tempo, nTokens, or MyKobo).
4. After receiving payment in his wallet, the recipient can withdraw the money from his wallet to his bank account.

Orokii uses Circle ACH API for Deposit, Withdrawal, and Plaid API to link bank accounts. Orokii implements Plaid’s Identity, Authorization, and Balance APIs to reduce fraud and insufficient balance risks.

How Orokii App uses Stellar Blockchain

Orokii has implemented several SEP protocols to serve as Sending and Receiving Anchors. In addition, Orokii issues a stablecoin USDO token backed by USD in a one-to-one ratio.

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Orokii App launch

• Orokii app was launched in late July 2022 - this release has domestic payment and only Brazil as cross-border payment features.
• On September 14, 2022, Orokii completed its integration with Tempo, a significant milestone. The Tempo integration release is now available on Google Play and via our website, where user can signup or login into their account.
• Tempo integration allows Orokii users to send payments to all 27 EU countries, including Ukraine, the Philippines, and Senegal.
• Over 50 users have downloaded or created accounts on the Orokii website and using the app to send payments.
• Orokii appointed two board directors, Michael Tetu and Jerome Oglesby, to strengthen its management team.
• Orokii launched its Google Ads campaign to drive customer acquisitions.

Other Achievements

• Support for the Spanish language - the app now provides support for Spanish to increase customer acquisition among users who only speak Spanish.
• Orokii conducted an audit of its USD-backed USDO stablecoin. The audit report will be attached as part of the application.
• Orokii received a money transmitter license (MTL) from New Jersey, which enabled it to conduct business in the state.
• Orokii applied for MTL in Arizona, and the application is pending approval.

How will you make revenue?

Orokii makes revenue through transaction fees and margins on foreign exchanges. Businesses pay transaction fees when they use Orokii to send payments to individuals or companies. Businesses pay only transaction fees for domestic transactions but pay margin markup and transaction fees for cross-border transactions. The peer-to-peer (P2P) transaction model is similar to the business revenue model.

How will you keep your project running?

With the Orokii and Tempo integration launch, Orokii is now better positioned to earn revenue to sustain some of its operating costs while looking for funding to scale and grow. Until now, the company has relied on bootstrapping from the founder to support the company.

How do you plan to set prices?

Orokii follows a pricing model where users are only charged when they deposit money to

conduct transactions. Orokii’s deposit fee lowers as the deposit amount increases. Currently, Orokii has an average deposit fee of 1.25%. Also, Orokii set cross-border prices based on fees charged by its Receiving Anchors and marked the prices up to 0.6%.

What is your financial plan?

Please use the link below to review Orokii’s financial plan: https://docs.google.com/spreadsheets/d/1mNjW2pptTGOqOfDIjQuleIJogCOHPUiO4NLMRDhUSok/edit?usp=sharing

In what industry will your project operate?

Orokii targets business-to-business (B2B) and peer-to-peer (P2P) payment markets, enabling businesses to send payments to other companies domestically, pay invoices and payroll, or cover other international business transactions. Orokii targets P2P markets by focusing on immigrants who send money back home (cross-border) to support their families and users who want to send money to friends and family domestically.

How significant is the need to solve this problem?

Most payment mobile solutions use a traditional money-transmitter operator (MTO) as a payment rail. High transaction costs, longer time to payment delivery, and lackluster user experience are the major problems with most of these peer-to-peer payment solutions. The high transaction fees imply that most people pay an average of 6.4% (according to the world bank data) on the amount they send to help friends and family back home. Businesses are losing money when they pay a good portion of their remittances on transaction fees. Orokii helps solve this problem by significantly lowering transactions fee (under 3%), making more money available to the intended recipients, and improving the bottom line for businesses. Using Blockchain allows Orokii to deliver payment in seconds instead of days. For example, on the Orokii app, a W2W payment completes in under five seconds.

What's the market cap?

The global digital remittance market was valued at USD 17.88 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.0% from 2022 to 2030. Additionally, the GVR report states that “the US digital market size was valued at USD 4.6 billion in 2021 and is expected to increase at a CAGR of 13.2% from 2022 to 2030.”

Who are your competitors?

Orokii’s payment competitors include Western Union, Money Gram, PayPal, Wise, WorldRemit, Venmo, Xoom, and Ria.

Why is your solution better?

Most of Orokii's payment solution competitors use traditional corresponding banks' payment rails with multiple intermediaries along the payment journey. Orokii separates itself from its competitors in the following ways:

• Stellar Blockchain - allows Orokii to offer lower transaction fees; provides better inclusion for the unbanked and underbanked
• Domestic & Cross-border - users can conduct domestic and international remittance transactions using the same app
• Digital Asset Swap
• Direct Payment - the app allows both on-chain and off-chain direct payments
• Are you working with anchors or other Stellar-based projects?

Orokii has established Receiving Anchor partnerships with Tempo, nTokens, and Mykobo.

What unique resources and relationships do you have that are going to make you succeed?

• Orokii has formed strategic relationships with Tempo, nTokens, Mykobo, RemitTV, Terrapay, Circle, Plaid, and ID Analyzer. Tempo, nTokens, and Mykobo are Receiving Anchors on the chain for payout, while Terrapay is a money transmitter operator for off-chain transactions. Circle and Plaid provide banking APIs for Orokii, and ID Analyzer offers identity verification and KYC using machine learning. Orokii is working to provide Blockchain wrapper APIs to RemitTV to use on its platform to provide USDO in its customer’s Stellar wallet.
• Orokii uses Google Cloud Platform (GCP) to host its production environment and build redundancy to ensure reliability, availability, and scalability for continuous operation with minimal downtime.

How Orokii will use the fund from SCF - $190,000

1. Customer acquisition - $30,000
2. Money Transmitter Licenses (Nine states:  CA, GA, IL, MA, NC, NV, NY, VA, and WA) - $25,000
3. Salaries (one engineer and one compliance officer for six months) - $120,000
4. Partner APIs (Circle, Plaid, ID Analyzer, Google) - $10,000
5. Business Development - $5,000
   

• Orokii’s financial plan
• Orokii’s external audit report for its stablecoin USDO
• Orokii’s opportunity, threat, and market forecast
• Orokii’s app mobile code GitHub repository
• Orokii’s app firebase cloud functions GitHub repository
• Orokii’s app blockchain code GitHub repository
• Orokii’s app dashboard GitHub repository
• Orokii App Pitch Deck for SCF#11