Overview
Raised: $181,141
Total Commitments ($USD)
Platform
Wefunder
Start Date
01/24/2022
Close Date
05/27/2022
Min. Goal
$150,000
Max. Goal
$1,000,000
Min. Investment
$100
Security Type
SAFE
Series
Pre-Seed
SEC Filing Type
RegCF
Valuation Cap
$9,000,000
Discount
10%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
05/31/2022
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$1,473
# of Investors
231
Momentum
Funded
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Year Founded
2021
Industry
Financial & Insurance Products & Services
Tech Sector
Fintech
Distribution Model
B2B/B2C
Margin
High
Capital Intensity
Low
Aladdin, with a valuation of $9 million, is raising funds on Wefunder. It is Africa’s first ecosystem bank for freelancers and small business owners. The Aladdin app helps support the daily hustle of freelancers, individuals, and small business owners and gives them the financial tools they need. The app also aggregates all the solutions that individuals and SMEs need with its APIs, SDKs, and mini-programs via partnerships. Aladdin has over 40,000 users and has been revenue positive in its first six months. Darlington Onyeagoro founded Aladdin in November 2021. The current crowdfunding campaign has a minimum target of $150,000 and a maximum target of $1,000,000. The campaign proceeds will be used for marketing, operational expenses, work infrastructure, and platform expansion.
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: 01/24/2022
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Founder Profile
Aladdin Founder Darlington Onyeagoro Is Empowering African Small Businesses
Africa has a high concentration of self-employed workers. In 2019, 14 African countries ranked among the top 15 countries in the world with the highest self-employment rates. With the COVID-19 pandemic pushing large portions of the workforce online, many of these individuals may have to use multiple programs to manage their businesses.Aladdin Digital Bank has curated its comprehensive app to make life easier for freelancers and small businesses in Africa. It provides financial services, a marketplace, social content, and even employee benefits. We reached out to co-founder and CEO Darlington Onyeagoro to learn more about why he dropped an earlier project to work on Aladdin and how the company plans to expand.
Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.
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