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Benji is an online platform that aims to disrupt check cashing outlets by providing alternative financial services like money transfers, check cashing, and bill pay with lower fees through technology. It offers these services together under one monthly fee, removing intermediaries and infrastructure costs. This streamlined solution could save underbanked consumers over $50 per year compared to using separate, fragmented services from different providers that charge higher transaction fees.

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Overview • Benji is a turnkey streamlined solution that makes Alternative Financial Solutions more affordable and convenient to the underbanked consumer • Benji’s goal is to disrupt the brick and mortar Cash Checking Outlets by lowering intermediation and infrastructure costs through technology • Stack Paper, Not Fees - Benji NOT FOR DISTRIBUTION 2
Opportunity • Underbanked consumers paid over $78b last in interest and fees last year alone to conduct financial transactions • Recent regulatory changes have prevented banks from charging certain overdraft fees and interest, this has created an acquisitive marketplace • The problem is two fold 1. Cash Checking Outlets dominate the distribution of Alternative Financial Services (AFS) 2. Highly fragmented marketplace NOT FOR DISTRIBUTION 3
Alternative Financial Services • Distributed through Check Cashing Outlets • $680b in transaction volume last year • $78b in interest and fees – Prepaid Debit Cards – Payroll Cards – Remittance – Check Cashing – Bill Pay – Pay Day Loans NOT FOR DISTRIBUTION 4
Alternative Financial Services Breakdown NOT FOR DISTRIBUTION 5
Why Consumers use Alternative Financial Services Benji is both more convenient and faster access to cash NOT FOR DISTRIBUTION 6
Check Cashing Outlets • Brick and mortar branch based busines • 15,000+ in the US alone • High infrastructure costs • Saturated with intermediaries • Inconvenient locations and hours NOT FOR DISTRIBUTION 7
Solution • Online web based platform that facilitates: – Check cashing – Same day money transfers – Bill Pay • How this helps – Lower infrastructure costs = lower fees – Removes many of the intermediaries – 24/7 access NOT FOR DISTRIBUTION 8
Problem •Highly fragmented marketplace for products – Each product comes from a different merchant – High recurring fees – Higher transaction fees – Inconvenient – No cost synergies NOT FOR DISTRIBUTION 9
Benji’s Solution • Turnkey solution for Alternative Financial Services – Prepaid Debit Card – Payroll Card – Money Transfers – Check cashing • How this helps – One monthly fee – Lower transaction fees per service – More convenient NOT FOR DISTRIBUTION 10
Fragmented Market NOT FOR DISTRIBUTION 11
Benji’s Streamlined Solution NOT FOR DISTRIBUTION 12
Ex: Western Union Transaction $200 $176 12% Spread Sender Sender Receiver Receiver Fee + FX Spread Fee + FX Spread Financial Intermediary Financial Intermediary Fee Fee Sending Agent Sending Agent Western Union Western Union Receiving Agent Receiving Agent NOT FOR DISTRIBUTION 13
The Process Payroll Payroll NOT FOR DISTRIBUTION 14
Benji Drives Down Cost Cash Checking Outlets Cash Checking Outlets Benji Benji Agency Fees Agency Fees Lowers cost through technology Lowers cost through technology FX Spread FX Spread Infrastructure Cost Infrastructure Cost Intermediation Cost Intermediation Cost Customer Acquisition Customer Acquisition Infrastructure Cost Infrastructure Cost Intermediation Cost Intermediation Cost Customer Acquisition Customer Acquisition NOT FOR DISTRIBUTION 15
Business Model • B2C – Monthly Subscription Fees – Transaction Fees • Check Cashing • Money Transfers • Bill Pay • B2B – Licensing Revenue • API license – Revenue Sharing • Transaction fees NOT FOR DISTRIBUTION 16
Customer Acquisition • Target demographic specific acquisition channels • Promotional offers for acquiring new users • Partnership Opportunities – USPS – Local urban organizations • Socially responsible interface • Benji community fund – $1 earned, $1 to community fund NOT FOR DISTRIBUTION 17
Pricing Industry Average Benji Monthly Fee $4.95 per product $4.95 for all products Money 12% 5% Transfer/Remittance Check Cashing 3-4% 1-2% Bill Pay 1-2% 1% Total Cost $150-$175 a year <$100 NOT FOR DISTRIBUTION 18
Industry Comparison Greendot WU Bluebird Rushcard Benji Check Cashing x x Same Day Money Transfers x x Bill Pay x x x x Payroll Card x x One Monthly Fee x NOT FOR DISTRIBUTION 19
Summary NOT FOR DISTRIBUTION 20
NOT FOR DISTRIBUTION 21

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Newdeck1

  • 2. Overview • Benji is a turnkey streamlined solution that makes Alternative Financial Solutions more affordable and convenient to the underbanked consumer • Benji’s goal is to disrupt the brick and mortar Cash Checking Outlets by lowering intermediation and infrastructure costs through technology • Stack Paper, Not Fees - Benji NOT FOR DISTRIBUTION 2
  • 3. Opportunity • Underbanked consumers paid over $78b last in interest and fees last year alone to conduct financial transactions • Recent regulatory changes have prevented banks from charging certain overdraft fees and interest, this has created an acquisitive marketplace • The problem is two fold 1. Cash Checking Outlets dominate the distribution of Alternative Financial Services (AFS) 2. Highly fragmented marketplace NOT FOR DISTRIBUTION 3
  • 4. Alternative Financial Services • Distributed through Check Cashing Outlets • $680b in transaction volume last year • $78b in interest and fees – Prepaid Debit Cards – Payroll Cards – Remittance – Check Cashing – Bill Pay – Pay Day Loans NOT FOR DISTRIBUTION 4
  • 5. Alternative Financial Services Breakdown NOT FOR DISTRIBUTION 5
  • 6. Why Consumers use Alternative Financial Services Benji is both more convenient and faster access to cash NOT FOR DISTRIBUTION 6
  • 7. Check Cashing Outlets • Brick and mortar branch based busines • 15,000+ in the US alone • High infrastructure costs • Saturated with intermediaries • Inconvenient locations and hours NOT FOR DISTRIBUTION 7
  • 8. Solution • Online web based platform that facilitates: – Check cashing – Same day money transfers – Bill Pay • How this helps – Lower infrastructure costs = lower fees – Removes many of the intermediaries – 24/7 access NOT FOR DISTRIBUTION 8
  • 9. Problem •Highly fragmented marketplace for products – Each product comes from a different merchant – High recurring fees – Higher transaction fees – Inconvenient – No cost synergies NOT FOR DISTRIBUTION 9
  • 10. Benji’s Solution • Turnkey solution for Alternative Financial Services – Prepaid Debit Card – Payroll Card – Money Transfers – Check cashing • How this helps – One monthly fee – Lower transaction fees per service – More convenient NOT FOR DISTRIBUTION 10
  • 11. Fragmented Market NOT FOR DISTRIBUTION 11
  • 12. Benji’s Streamlined Solution NOT FOR DISTRIBUTION 12
  • 13. Ex: Western Union Transaction $200 $176 12% Spread Sender Sender Receiver Receiver Fee + FX Spread Fee + FX Spread Financial Intermediary Financial Intermediary Fee Fee Sending Agent Sending Agent Western Union Western Union Receiving Agent Receiving Agent NOT FOR DISTRIBUTION 13
  • 14. The Process Payroll Payroll NOT FOR DISTRIBUTION 14
  • 15. Benji Drives Down Cost Cash Checking Outlets Cash Checking Outlets Benji Benji Agency Fees Agency Fees Lowers cost through technology Lowers cost through technology FX Spread FX Spread Infrastructure Cost Infrastructure Cost Intermediation Cost Intermediation Cost Customer Acquisition Customer Acquisition Infrastructure Cost Infrastructure Cost Intermediation Cost Intermediation Cost Customer Acquisition Customer Acquisition NOT FOR DISTRIBUTION 15
  • 16. Business Model • B2C – Monthly Subscription Fees – Transaction Fees • Check Cashing • Money Transfers • Bill Pay • B2B – Licensing Revenue • API license – Revenue Sharing • Transaction fees NOT FOR DISTRIBUTION 16
  • 17. Customer Acquisition • Target demographic specific acquisition channels • Promotional offers for acquiring new users • Partnership Opportunities – USPS – Local urban organizations • Socially responsible interface • Benji community fund – $1 earned, $1 to community fund NOT FOR DISTRIBUTION 17
  • 18. Pricing Industry Average Benji Monthly Fee $4.95 per product $4.95 for all products Money 12% 5% Transfer/Remittance Check Cashing 3-4% 1-2% Bill Pay 1-2% 1% Total Cost $150-$175 a year <$100 NOT FOR DISTRIBUTION 18
  • 19. Industry Comparison Greendot WU Bluebird Rushcard Benji Check Cashing x x Same Day Money Transfers x x Bill Pay x x x x Payroll Card x x One Monthly Fee x NOT FOR DISTRIBUTION 19
  • 20. Summary NOT FOR DISTRIBUTION 20