Thumzap is an U.S.-registered startup, with R&D out of Tel Aviv. It has developed a payments platform that reduces the friction for teens, who might not otherwise have a means of paying, to shop online. It was a great pleasure for me to get the chance to finterview Dor Sasson from Thumzap.
Please describe your company and product
We’re a team of innovators, from experienced developers to business experts, who aim to disrupt the social payment market. Our platform creates an incremental revenue growth for app developers and online retailers by bridging the gap to their customer’s social ring. From within any participating app or website, in which our solution is integrated, users can share their payment with family and friends.
Why did you start your business?
We have identified a critical gap between Generation Z’s soaring digital behavior and willingness to shop through their mobile to their actual e-commerce market share.
What customer problem will you solve? Your main USP?
US teen market is estimated to be $260 Billion, with smartphone penetration rate close to 90%. There are endless apps for teens to install and use at their fingertips however, without a credit card and eligible age, their purchasing possibilities are very limited and as such, are left outside of the mobile payment revolution. At the same time, mobile commerce is on the rise, yet merchants are still struggling to engage customers and increase revenue from this channel, as US e-commerce conversion rates from mobile devices are far behind desktops and tablets.
Well, Thumzap’s sweetspot is double. From the customer’s point of view, we remove unnecessary payment barriers, and enhance the overall shopping experience with shared payment options. From the developer/merchant point of view, we deliver incremental revenue growth from a-never-reached-before audience, and it’s social ring.
How is your startup financed? In what funding phase are you?
The company raised a $3M seed funding from California based Sierra Wasatch Capital as well as leading Israeli angels Eilon Tirosh (Wix, Zooz, Tonara), Yuval Tal (Payoneer, Borderfree BRDR: NASDAQ) and Ron Zuckerman (Whipclip, Wintegra, Precise Software)
Please describe your business model!( You can use a canvas picture)
Our business model is a simple revenue share from the incremental revenue we are processing.
Please tell us some facts about your team? Who are the founders and what are their skills?
The company was founded by Erez Moscovich, CEO and Ari Last, CRO.
Erez Moscovich, brings over 12 years of startup experience in various roles both as an experienced entrepreneur and from managing a private equity fund.
Ari Last, with over a decade of in the gaming industry, Ari has held leading position in international business development roles including VP of International Business Development at Arkadium and Oberon Media. In addition, Ari was the Managing Director of Exent US office.
Short answer: Disrupting banks or enabling banks?
Enabling banks through traditional credit card payment methods.
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