PayQuid, a FinTech Startup in Nigeria, Joins FasterCapital
PayQuid FinTech app is a mobile application that provides cash withdrawals. PayQuid is raising $200K to build an app that provides all the solutions to the problems of ATM card theft, cloning, and hacking.
The problems associated with the use of ATM debit and credit cards for cash withdrawals from ATMs and POS devices such as stolen cards, card cloning, hacking, and theft have led to incessant cash transfers and withdrawals from unsuspecting victims account thereby ripping people off their hard-earned Monies. In Nigeria, this problem is so alarming and a menace to over 40 million ATM cardholders who have similar experiences of stolen cards, cloning, and hacking. Secondly, with the covid19 pandemic currently ravaging various societies of the world, more and more people are seeking an alternative way to access cash withdrawals without having any physical contact with ATMs to avoid getting infected.
PayQuid FinTech app provides all the solutions to the problems of ATM card theft, cloning, and hacking as it works with a mobile phone and completely eliminates the use of ATM cards for cash withdrawals. PayQuid FinTech app cannot be cloned and hacked as it is not a hardware device. It’s a software application that needs a two-way custom security code to be assessed only by the user who downloads the application to their mobile phone device. This innovation is unique and comes at a time of dire need of a solution to these problems associated with being an ATM cardholder in Nigeria and tends to provide a more convenient alternative for cash withdrawals to over 40 million ATM card owners in Nigeria and have potential access to over 100 million Mobile phone owners in Nigeria with bank accounts and access to internet services on their mobile phone devices.
The startup has recently joined FasterCapital’s Tech Cofounder program. The program will help PayQuid build the product and find the technical team needed with the right skill sets. FasterCapital will also cover 50% of the costs needed.
Mr. Obinna Justice Amadikwa says that the team at PayQuid is looking forward to this collaboration with FasterCapital and that they are working hard on making payQuid a pioneering FinTech business.
Mr. Hesham Zreik, CEO of FasterCapital, says, “FasterCapital is glad to be working with PayQuid on improving the business and on finding the resources needed to get it going.”
FasterCapital is an online incubator and accelerator. It provides services in different areas. The programs include the Tech Cofounder program, the Grow your Startup program, the Raise Capital program. FasterCapital supports businesses in FoodTech, HealthTech, FinTech, Media, Entertainment, Ecommerce, Gaming, and many other industries.
Learn more about FasterCapital by visiting the website.
Are you interested in investing in PayQuid? Please feel free to reach out to the founder.
