a pay and save app for millennials
Theofilos Mylonas | Dipl. Electrical Engineer, MSc MIS | CEO Yummy Wallet | 02.02.2017www.yummywallet.com | fb: www.facebook.com/yummywalletgr | twitter/yummywallet
New payment methods are growing in popularity among students, and universities need to keep pace with change by offering alternatives to cash. We have been working with Universities since 1998 and we see a huge growth opportunity in campuses. Universities are a natural starting point for us with a generation of people that are expecting more from their mobile , said Theofilos Mylonas, CEO
Target audienceYummy Wallet targets the retail student/millennial market.
Total Addressable Market (TAM) sizeWorldwide: 20.700 Universities and Colleges | 190mln studentsEU: 5.111 Universities and Colleges | 20mln students (20% of the EU population)Greece: 350k active students | each student spends >300 avr / month (total annual spendings ~1,1 bn).
Example applications for a mobile cashless systemsOn campus (closed-loop platforms)CateringInstitutions online storeBookstoresMini-marketsTicketing - events, etc.Library finesCopying, printing, binding, etc.Fee payments - accommodation, exams, etcParkingUniversity-operated buses/shuttles
Off campus (open-loop platforms)Partner retailers - Payments are tied with loyalty schemes and students can earn money coming as rewards while they are shopping at partner retailers. Local transport fares (e.g. buses)
The business modelMillennial signs up with YummyMerchant signs up with YummyMillennial searches for Yummies member storesMerchant defines the loyalty benefit percentage (3% - 20%)Millennial shops in-store and pays merchantYummy keeps the 25% of the loyalty benefit, for marketing, customer acquisition etc Yummy returns the 75% of the loyalty benefit as cashback reward to consumer and partnersMillennial is happy and makes his next purchase from the same or another Yummy storeMerchant is happy because of new and loyal customers, has access to data and online communication with perspective customers, Merchant is happy, is waiting for other customers and pays the loyalty benefit to Yummy.On campusCommercial Proposition Off Campus Merchants Program Revenue ModelA consumer shops at an affiliated retail store and pays. The retailer pays Yummy the agreed commission. 70% of the commission will be returned to consumer as cash reward credited directly to his Yummy account5% is for partners (universities ect.)25% will be Yummys gross profit.
Revenue Model (Merchants Program): Commission: Yummy will cooperate with each retailer on an agreed-upon commission. Yummy earns money by bringing merchants new business. Merchants dont pay any monthly fees and are only charged if Yummy helps them acquire or retain a customer. Annual Subscription (fee type: recurring): After 1 yr operation, we will offer additional benefits (more emails, etc) by charging eg 50 / month.
Revenue Model (University)Revenue sharing based on on-campus transactions Procurement (not preferred).Annual Subscription (fee type: recurring)
Main milestonesApril 2015: Idea working on paper. April 2016: We have start to work full committed. Development starts. July 2016: MVP is ready. Private beta.Oct 2016: Yummy Wallet with loyalty capabilities on App Store & Google Play14/11/2016: ~400 downloads, 50 transactions, 50 merchants.
1500 users, 400 transactions, 10 cashouts
60% Facebook account.
To feedback play store app store 4,9
The TeamTheofilos Mylonas; CEO & Co-founder; 25 years of general management and finance experience; Dipl. Electrical Engineer, Master in Computer Science; Serial Entrepreneur with successful exit track record (founder of Cardisoft acquired by Entersoft & co-founder of mSolutions); Was awarded the title of a Business Distinction by Ministry of Development; Full Time; www.linkedin.com/in/theofilosmilonasGeorge Papazidis; Chief Sales and Marketing Officer & Co-founder; 20 years of experience in international marketing and sales in large companies in New York and Greece; Studied in New York Business Administration and Master in Management; He holds American Citizenship; Full Time; www.linkedin.com/in/georgepapazidis3. Sergios Fotiadis; Chief Technical Officer & Co-founder; 25 years of experience in leading software development; Dipl. Electrical Engineer; Entrepreneur with successful exit track record; Expert in mobile & cloud development; Full Time; gr.linkedin.com/in/sergiosfotiadis/en
We have the commitment & motivation to succeed!Most of the team members has been working together for the last 11 years. Team members have tremendous experience that proves ability to manage and execute.Diversity of skills. The majority of key positions in the company have been already filledManagement Team
The TeamManolis Chatziemmanouil; Lawyer; responsible for contracts, patents and IPR, licenses, other legal issues; Close cooperation with Cardisoft for 15 years; Part Time Ilias Tsilifonis; Accountant; Responsible for all financial & tax obligations; Close cooperation with Cardisoft for 15 years; Part TimeSpyros Kontostanos; Graphic designer; Close cooperation with Cardisoft for 15 years; Part Time
Dr. Theodoros Chaikalis; Senior Developer and social media expert; BSc& MSc in Applied Informatics, PhD in S/W analysis; Full Time; https://gr.linkedin.com/in/teohaikJohn Fanidis; Junior Developer; Mobile apps developer; Full Time
Advisory Board *The full time employeesAlexander Chatzigeorgiou; Advisor; Dipl Electrical Engineering, PhD degree in Computer Science; Associate Professor of Software Engineering; Part Time; http://eos.uom.gr/~achat
* under establishment
Fotini Baldimtsi; Advisor; PhD in Computer Science, Assistant Professor of Computer Science in Cryptography and Data Security in George Mason University, Virginia USA ; http://www.baldimtsi.com/ The part timersTasos Fokas; Senior Video Producer; producer, Director for the last 15 years. He is graduate of Crestcom International's "Bullet Proof Manager" leadership program; Part Time
Dimitra Karanatsiou; Marketing Assistance; Full Time Dimitris Papadimitriou; Advisor; Dipl Electrical Engineering,; Developer at Skype Micrisoft; Part Time;
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Yummy Wallet app
BenefitsParticipation in the program at no cost.There are no monthly fees and other associated hardware costs to start the cooperation.Money rewards are provided based on a pre-agreed commission rate (defined by retailers) on every purchase.No special staff training is needed.No investment in loyalty and marketing platforms.
BenefitsSales increase by attracting new customers and retaining existing ones.The biggest percentage of the retailers money reward is returned back to the consumer for maximum value & benefit.Retailers are able at no cost to evaluate their customers overall satisfaction.Access to aggregate customer sales information through web.Ability to upload customizable sale offers valid for specific period of time.
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