This week, we are very grateful to speak to Anton, an online entrepreneur who is taking out a working capital loan on Bitbond, which will help him to acquire new customers. In our fascinating interview, the entrepreneur tells us about his previous experience as a consultant, how he runs his business now, and what he really likes about Bitbond.
His small business loan will be repaid over 12 months at 28.25%. Let’s meet Anton.
Hi Anton, thank you very much for taking the time! Could you start by telling our readers about your business?
Eve Tab is revolutionizing mobile commerce by connecting mobile payments, ticketing and access control into a seamless platform that helps consumers get front of the line access to live entertainment events and to pay inside using their mobile phone. Eve Tab is like mobile black card in your pocket that makes entering live events and making purchases at the bar completely touchless and more personal.
Eve has entered the market with a mobile bar tab app that let’s you open a tab to skip the line and cover at Toronto’s top nightclubs. We are growing rapidly in Toronto and users absolutely love us. We are looking to replicate this success in the US are raising capital to launch Eve Tab in Miami. We are backed by top tier venture capital firm Extreme Venture Partners and are currently raising a 350K seed round with 250K already committed.
How come you ended up starting this business and why have you chosen this particularly niche?
This all happened by coincidence it was the combination of being in the right place at the right time and my lifelong passion for high-technology and entrepreneurship. I was hired as a consultant to evaluate new payments technology based on BLE (Low Energy Bluetooth) and we brought to market Eve Tab a touchless payments solution for bars and nightclubs. We felt that Nightclubs presented the most challenging environment for new payments method to flourish because it is dark, loud and people are usually intoxicated. We felt that if we succeeded in having mass user adoption in the night life space then we would have no problem bringing similar payments applications to other types of retail.
What do you hope to achieve with your loan and why did you choose Bitbond over a bank?
As a die-hard technologist I was very interested in seeing the adoption of bitcoin from the early days. I was very lucky to have profited from the meteoric rise of Bitcoin value, but have eliminated all my holdings to invest in Eve Tab. As we are gearing up for a more traditional VC funding round, we are testing this platform as a potential source of short term capital and we chose it over a bank because of the longer term potential of establishing ourselves as a borrower/investor on the platform.
We are able to take loans at the local banks at a fraction of the rate we will be paying on Bitbond, but we hope that this will be an investment into the longer term potential of Bitbond. I am a strong believer in crowdfunding and soon we will see proliferation of platforms where business will not only be able to take out loan but issue shares, pay dividends and manage their public shareholders. I think Bitbond has what it takes to build such a platform. I hope that asset trading on the blockchain becomes the norm and I think Bitbond should be one of these players.
What is your favorite feature on Bitbond? What features do you think are missing?
As a product manager I can appreciate a product well built. I think as a minimum viable product Bitbond has excelled by demonstrating that it can attract thousands of users with a very focused feature set. What I liked in particular was their verification process which gave me some confidence in the loans that are being posted. What I think is missing here is a comprehensive asset trading marketplace that will allow companies to list the securities and pay dividends via the Bitbond platform.
What would you want potential investors to know about your loan?
Our loan is to be used for user acquisition for the Eve Tab payments service. We have worked to drive our user acquisition cost to below $1 and we expect to generate about 5000 users of whom 50 users will become regular users who will spend $100 per month on the service. Based on our current findings our LTV is approximately $200 over 1 year which means that your investment will generate $10,000 in direct revenue. A profit of 100%. This makes it a no brainer for us to borrow this money at 28.25% AIR because we still make 71.75% on each loan
What do you think the future holds for bitcoin? Is it the modern-day equivalent of the internet or will it fall flat on its face?
I think technologies like Bitcoin will flourish and someday be responsible for the operation of all world financial infrastructure. Bitcoin will forever be a store of value, but as a protocol it has many deficiencies which is why a technology like Ethereum is more likely to succeed as the world’s standard for decentralized payments, smart contracts and financial instruments.
As a business owner, does your place of work accept bitcoin? If not, what do are the chances of that changing?
Eve Tab is mobile payments app, but it does not accept bitcoin at this time. The adoption of Bitcoin by regular consumer is far from where it would be profitable to support Bitcoin in our application. However, we believe that this day will come very soon and when it does, we will be ready.
Thank you for a fascinating interview Anton! Investors can help grow Eve Tab for a few more days, by investing in this small business loan. Thank you for reading!
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