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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 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.
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.
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:
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?
How Orokii will use the fund from SCF - $190,000
Orokii provides a P2P and B2B payment solution that enables individuals and businesses to send money domestically and cross-border at a lower transaction fee and speedy delivery. Orokii issues stablecoin - one-to-one USD-backed tokens and maintain fiat reserves equivalent to the value of the issued tokens.
Bisi Adedokun (badedokun)
Founder/CEO
Bisi Adedokun is the founder and CEO of Orokii. His professional background includes operational strategy, management, finance, banking, and software development. Before founding Orokii, Bisi worked at Deutsche Bank for seven years in the technology and security organizations helping the bank protect its assets from adversaries. Bisi holds three graduate degrees (NYU, IE Business School (MBA), and Georgia Tech).
https://www.linkedin.com/in/bisi-adedokun-a4577617/
Michael Tetu
Board Director
Mike is a formidable leader in strategy and operational execution. He brings a wealth of experience in strategic and tactical operations after a 28-year US Army career. While in the Army, he led many organizations, including multi-national operations at Joint Services NATO headquarters in Madrid, Spain, and abroad in Europe and Southwest Asia.
https://www.linkedin.com/in/mike-tetu-3575b5/
Sarafa Ibraheem
Finance/Board Director
Sarafa Ibraheem is an accomplished professional with a history of success and experience in mathematics, computer science, engineering, business, and finance. Sarafa was a director of a quantitative strategy at Mizuho Securities USA. Before Mizuho, Sarafa was at Goldman Sachs and managed various development and delivery of trading and quantitative products. Sarafa holds a Ph.D. in mechanical engineering and a graduate degree in Computational Finance from CMU.
Jerome Oglesby
Board Director
Jerome is the Global Chief Technology Officer at Deloitte, where he oversees the technology transformation of the firm to a modern agile outfit. He is a technology leader, who builds partnerships between technology capabilities and business unit goals through a demonstrated history in the management consulting industry, substantial information technology skills, and business process reengineering.
https://www.linkedin.com/in/jeromeoglesby/
Himanshu Sankhe
Product Development
Himanshu Sankhe is a dynamic and energetic product manager with an analytical mind. He is creative and astute at number crunching and building pricing models to support the various aspects of Orokii products. Himanshu uses his engineering background to support product development and delivery.
The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on December 5, 2022 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). Learn more in the SCF Handbook.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th 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)
*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)
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment 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). Learn more in the SCF Handbook.