Aladdin
Africa's 1st ecosystem bank
Overview
Raised: $18,456
Total Commitments ($USD)
Platform
Microventures
Start Date
11/02/2022
Close Date
04/03/2023
Min. Goal
$25,000
Max. Goal
$361,210
Min. Investment
$100
Security Type
Convertible Note
Series
Seed
Funding Type
RegCF
Valuation Cap
$9,000,000
Discount Rate
20%
Rolling Commitments ($USD)
Status
Active
Reporting Date
02/01/2023
Days Remaining
61
% of Min. Goal
74%
% of Max. Goal
5%
Likelihood of Max
Avg. Daily Raise
$203
# of Investors
46
Momentum
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Location
Wilmington, Delaware
Industry
Financial & Insurance Products & Services
Tech Sector
Fintech
Distribution Model
B2C
Margin
High
Capital Intensity
Low
Aladdin, with a valuation of $9 million, is raising funds on MicroVentures. It is a digital banking ecosystem specifically for Nigerian entrepreneurs, individuals, and small businesses. The products and services of Aladdin include savings accounts, lending services, e-payment services, and a marketplace to buy and sell goods. Aladdin has reported $280,000 in revenue through Q3 2022 and over 80,000 monthly active users in July 2022. Darlington Onyeagoro and David Echu founded Aladdin in November 2021. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $361,210. The campaign proceeds will be used for online and offline marketing, product enhancements, platform security, business expansion, and operational expenses.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$143,071 |
$0 |
|
COGS |
$20,963 |
$0 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-16,854 |
$0 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$15,508 |
$0 |
|
Accounts Receivable |
$52,141 |
$0 |
|
Total Assets |
$307,776 |
$0 |
|
Short-Term Debt |
$122,453 |
$0 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$122,453 |
$0 |
Financials as of: 11/02/2022
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