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IMAN pitch deck
IMAN is a halal fintech startup based in Uzbekistan that offers a buy now pay later (BNPL) solution, investment platform, and marketplace for Muslims. It has raised $1 million so far and is seeking $1 million more in pre-series A funding to improve its product, grow its customer base, and scale operations. IMAN currently has over 30,000 active BNPL users, $1.3 million in installment loans booked, and 108 merchants on its platform. The company aims to become the leading BNPL provider in Uzbekistan and expand across Central Asia and Southeast Asia.
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IMAN pitch deck
- 1. A HALAL FINTECHsolution for MERCHANTS, SHOPPERS & INVESTORS Building a HALAL KLARNA for MENA & Asia, starting from UZBEKISTAN C O N F I D E N T I A L • P R O P R I E T A R Y FAITH DRIVEN TECHNOLOGY
- 2. Copyright © by CrossBoundary. Confidential. Proprietary. IMAN is ahalal fintech startup based out of Uzbekistan with the HoldCo registered in Singapore We enable young and digitally connected customers first in Uzbekistan (and soon across Asia) to invest and get funding ethically according to their beliefs, using IMAN’s platform We have built an end-to-end, digitally native platform encapsulating a BNPL solution, investment platform, and a marketplace, all purpose built for the Muslim audience to offer the most inclusive customer experience in the market We have raised a $1m so far and are now looking to raise up to $1M in a Pre-Series A round to improve our product, grow our customer base, and scale operations Investment Book Active users Installment Book Merchants Attracted from 1,500 +retail investors based out of 50 countries at a <$5 CAC Among retail investors and BNPL users $1.3M+ 30,000+ $900K+ 108 By addressing substantial unmet demand for access to halal finance, we have experienced rapid early success with an average loan size of $600 and an average APY of 36% Backed and supported by strategic partners PAR 30 lower than Uzbekistan consumer loan industry average due to use of AI/ML technology in risk management <5% 2 Onboarded both offline and online offering us attractive discounts (up to 30%) and payment terms (up to 60 days) IMAN today
- 3. 90% Say that “Faith affectstheir choice” Young & digitally connected 700 mil 71% Don’t use financial products (credit & deposits) out of 1.5 billion 1Ogilvy & Mather 700m Muslims worldwide are unbanked as banks & fintechs don’t cater to their religious needs
- 4. § $60bn GDPgrowing at 5-7% annually § 8.4% rising real incomes § 60% mobile internet penetration § 10 million smartphones § 20 million debit card holders Young, Digitally connected 20 mil of 37 million In Uzbekistan 20m+ young and digitally connected Muslims are unbanked 1ADB report, 2018 2Agency of Capital Markets Development, 2019 § $10 bn under the mattresses of local citizens 93%1 Don’t use banking products (loans or deposits) Share of Islamic banks (retail) 0%
- 5. $45.6Bn $17.5Bn $28.1Bn $4.0Bn VALUATION 2021 The opportunityis to build a Halal BNPL focused on Muslim majority frontier markets OPPORTUNITY $50Bn+ The share of Halal financial assets worldwide is still only ~1% BNPL PLAYER
- 6. 2. SHOPPERS 3. INVESTORS 1.MERCHANTS 2. SHOPPERS BUY STUFF ON INSTALLMENT 3. INVESTORS FUND INSTALLMENTS 1. WE OFFER POS SOLUTION TO MERCHANTS IMAN is a halal fintech solution for merchants, shoppers, and investors 3 FOR INVESTORS – IMAN INVEST Halal investing platform that allows them to generate attractive Shariah-compliant returns from investing in installments FOR SHOPPERS – IMAN PAY Easy monthly halal installment plans enabling faith-friendly shopping FOR MERCHANTS – IMAN POS Online and offline PoS solution allowing merchants to grow sales at zero upfront cost 2 1 All under the principles of Islamic finance and with Fatwa in place We are the first Islamic product in the market, allowing us to capitalize on the network effects early on and benefit from massive scalability at very low incremental cost
- 7. • Online PoSlending for e-commerce shops • Offline PoS lending for brick-and-mortar stores IMAN PAY IMAN INVEST Our two key products are IMAN PoS and IMAN INVEST • Invest as little as $250 initially and $10 in subsequent periods into the pool of installments managed by IMAN and generate high-yield high-impact halal profits from anywhere in the world
- 8. APR: 30% Student financing APR:25% Lease financing INVESTOR MERCHANT CUSTOMER INVESTOR IMAN 30% 70% 30% 70% INDIVIDUAL INSTITUTIONAL $1,000,000 $1,000 10% discount $1,000 retail $900 for IMAN Education/Healthcare 5% discount: $10,000 retail $9,500 for IMAN Car/Mortgage APR: 60% Buy-now-pay-later 30% 70% 5% discount: $100 retail $95 for IMAN BNPL 5-25% Merchant fee 20-40% of Investor’s profit $1,250 $23 COMPANY $100,000 $190 IMAN PROFIT1 Business model: we make money from merchants and investors Co. 1 Net annual profit for IMAN from one installment
- 9. DATA BASES 5 4 2 3 CREDIT BUREAU REPORTS ROAD POLICE CADASTER TAXPOLICE PAYMENT HISTORY 1 We are connected to 5 DATA BASES with extensive data on 20 MIL BANK CARDS. We are now building a ML-BASED SCORING SYSTEM built upon 15,000 INSTALLMENTS repayment history1 using 20+ DATA POINTS2 Risk Management EXPECTED NPLs 6% 1From one of our merchant partners IMAN AI TECHNOLOGIES We are able to serve more customers that competitors due while maintaining low NPLs 2AI-based algorithms are developed by Kirill, previously a data scientist at Avant
- 10. Investment Ask USD, M Wewill use $1M to improve our product, grow our customer base, and scale operations Having raised a $1M seed round with participation by Battery Road Digital Holdings, Tesla Capital, Uzcard Ventures, Le Mercier’s Capital, Crypto Vector Capital we are now seeking $1M at a $10M valuation cap in Pre-Series A to support our growth till Q4 2022 We expect to achieve the following KPIs by Series A: Installments disbursed Customer retention rate Merchants $10M 1,000 97% Active BNPL users 20,000+ Other G&A 0,3 (27,3%) Marketing 0,2 (18,2%) Product development 0,2 (18,2%) New staff hires 0,4 (36,4%)
- 11. Roadmap Pre-Series A fundingto get to a product market fit in UZ • Hiring a CTO and forming an-inhouse tech team • Aggressive roll-out of BNPL solution and the INVEST product Hard Launch Hiring the core team Hiring the dev team Product dev Infrastructure dev Hard launch 1 Jan 2022 June 2022 1 Jan 2023 1 Dec 2022 1 June 2022 Product market fit Leading BNPL in Uzbekistan with 300+ merchants, 20,000+ active users and $3M installment portfolio Regional consolidation Expansion and consolidation across Uzbekistan and broader region; 1,000+ merchants; 40,000 merchants; $20M installment portfolio; $1M Pre-Series A $10M Series A Series A round to support new product launch and expansion in a second country • Launching new lending products • Raising institutional debt funding Following a ~$10M equity + $20M+ debt Series A round, we expect to expand to a new market in Asia
- 12. Our vision isto use DeFi to create a bridge between retail and institutional capital allocators worldwide and frontier markets where the capital is more needed Domestic credit to private sector (% GDP) E-commerce market (growth) Muslim population GDP growth Average age 25.5% $6BN (25%) 94M 24.6 5.3% Egypt 10.2% $12BN (25%) 98M 18.1 1.9% Nigeria 46.9% $1.6BN (26%) 145M 27.1 7.9% Bangladesh 38.8% $28.6BN (26%) 241M 30.5 5.2% Indonesia 50.0% $58.9BN (51%) 203M 28.1 6.8% India 18.8% $2BN (63%) 205M 24.1 5.8% Pakistan 23.7% $0.3BN (40%) 27M 28.6 5.1% Uzbekistan 25.9% $1.7BN (80%) 13M 30.7 4.1% Kazakhstan 6M United States $30,436 BN <1% 4.1M United Kingdom $1,868 BN <1% 31.9M Saudi Arabia $496 BN 79% 7.2M UAE $235 BN 20% 3M Qatar $160 BN 33% 16.3M Malaysia $398 BN 31% 5.7M France $2,366 BN <1% Market cap of listed companies Share of Islamic Assets Shoppers Investors Shoppers + Investors $37 BN $487 BN IMAN is a gateway between 700,000,000 Muslim investors based in developed markets and Muslim shoppers in frontier markets
- 13. Rustam Rahmatov Founder &CEO Mark Zubov, CFA Founder & CFO Dr. Ziyaad Mahomed Head of Shariah board Arjun Batra Fintech/Capital markets FOUNDERS AJ Davidson Fintech/ Capital markets Izzat Shukurov Marketing advisor TEAM ADVISORS Kirill Sevastyanenko Head of Data Science Timur Salikhbaev Legal Suna Pak GR & Strategic Partnerships Our strong operations team allows us to provide top- quality customer service Operations and customer support team in Tashkent 13 Payments Credit scoring Debt collection Our strategic partners make our work easier Legal Tax Enabling ecosystem DJ Makhkamov UX/Tech advisor Bob Nurmukhamedov Head of BNPL Alisher Ilyasov VPE Akhmadjon Khamidov Head of BD Dilshod Tairov Head of Debt Collection Ismoil Abdurakhmonov Head of INVEST CORE CTO (TBD) CTO ?
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- 15. 2019 2022 CONSUMER LOANSOUTSTANDING, $M 188% 2 765 2022 5 130 270 RETAIL MARKET, $M 5 400 IMAN IS TO CAPTURE 10% OF THE RAPIDLY GROWING (37% CAGR1) CONSUMER CREDIT MARKET AND 5% OF THE RETAIL MARKET BY 2023 NEXT IMAN IS GOING AFTER AUTO LOAN AND MORTGAGE MARKETS MARKET IMAN MARKET IMAN AUTO LOANS MARKET, $M 2018 2019 2022 479 572 925 49 974 MORTGAGE MARKET, $M 2018 2019 2022 800 900 1 814 59 1 961 277 2 489 959 MARKET SIZE MARKET IMAN MARKET IMAN 1CAGR – compound annual growth rate, stat.uz
- 16. No No NoNo No No No No No No No Yes No No No No No No No No No 120% 120% 120% 120% 40% 60% 40% No No No No No No No 1 hour 30 min 40 min 20 min 3 min 30 min 5 min Offline shop Offline shop Online shop Online Shop Online Marketplace Offline Marketplace Online & Offline Marketplace LOCAL No No No No No No No No No No No No No No No No No No No No No No No Yes Merchants Couriers Merchants Courier Merchants Couriers Merchants Couriers YES YES YES 40% YES 7 MIN ALL THINGS- MARKETPLA CE* INTERNATIONAL Interest rate, APR Islamic Finance Regional presence Processing time Marketplace type First-mover advantage Mobile-first Best buy option Islamic finance Self-funding by Fintech YES YES YES YES YES YES MERCHANTS INVESTORS Local market knowledge Credit Data on customers Marketplace type IMAN TARGETS A FRAGMENTED LOCAL MARKET FULL OF SMALL PLAYERS AND CAN QUICKLY MONOPOLIZE IT THROUGH OFFERING A CUSTOMER-FRIENDLY ISLAMIC SOLUTION BY CAPITALIZING ON NETWORK EFFECTS AND VAST VOLUMES OF CUSTOMER DATA WE WILL BE MORE COMPETITIVE *All things-marketplace means an aggregator which allows options at all points of UX – multiple RFFs**, multiple merchants, multiple couriers & multiple financing options at checkout. **Retail, education, cars, real estate, SMEs. E-com + installments COMPETITION
- 17. AFFILIATE MARKETING THROUGH: § Retailers(Buy with IMAN Button Zoodmall, OLX, Texnomart) § Banks (Trustbank, Ipak Yuli Bank, AsiaAlliance) § Bloggers PROMOTION THROUGH REGIONAL MOSQUES: § 100 big mosques § 2 mil prayers WORD OF MOUTH • 92% trust their friends when shopping2 • Blended products1 • Loyalty cards AGGRESSIVE SMM: • Islamic TV-channels • Several Telegram channels with 1,000+ people • Instagram 1Blended financial products use blended Sharia Compliant contracts with mix of Qard al-Hasan and commercial investments and financing 2Nielsen, Marketing Research MARKETING