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Invest in Highly Profitable Bank Application

Invest in Highly Profitable Bank Application

  • BXB Listing ID :

    3571
  • Type :

    Raise Capital
  • Business Type:

    Startup
  • Business Name:

    Invest in Highly Profitable Bank Application
  • Country:

    United Arab Emirates
  • State:

    Dubai
  • Area:

    Al Garhoud
  • Asking Price:

    500,000 AED
  • Projected revenue for next year:

    25,000,000 AED
  • No of Employees:

    5
  • Year Established:

    2020
  • Annual Revenue:

    10,000,000 AED
  • Trade Licence:

    Mainland
  • Total Net Assets:

    1,000,000 AED
  • Inventory Value:

    0 AED
  • Business Hours:

    8am - 6 pm
  • Real Estate:

    Leased by the Business
  • Lease Terms:

    Annual
  • Reason for Sale:

    We need to expand rapidly with this Post Corona solution for banks.

Business Overview

Covid19 better known as Covid, will have a huge impact on many industries.
Also banks will be heavily affected by this. Unfortunately, a lot of people will lose their job and leaving the country. Many will leave their unpaid car behind. Banks are mandated by the UAE Central Bank to take 100% provision (read loss), if a car loan has not been paid for the last 180 days. The average car loan is 100.000 aed. Pre Corona, a bank had on average 5.000 defaulting car loans. This implies an average loss for a bank of 500.000.000 aed(!) Low estimates are that more than 200.000 cars are delinquent soon.
Together with the banks, RTA and police, we developed a solution for banks: Report a Car. Report a Car enables consumers, security guards and everyone else, to report an abandoned or suspicious vehicle. Our database contains all cars from the contracted banks, once a car matches this list, the bank gets an automatic warning to collect that vehicle. And with that, reduces the losses.
The app can also be used worldwide to track stolen vehicles. So easily scaleable. Low estimated revenues go between 5 mio usd to 20 mio usd turnover. Opex is max 20% of revenue. Highly profitable business with expected ROI of less than 2 years.

Projected Net Profit: 10,000,000

DISCLAIMER

This Listing has been produced by a User of our Site and, in accordance with our Terms and Conditions and Marketplace Policy, we are not responsible for the content of the Listing or any information or materials referenced in the Listing. You should undertake your own due diligence in respect of the contents of the Listing and any queries should be directed directly to the Seller using the contact form set out above.

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