2. Overview
• Benji is a turnkey streamlined solution that
makes Alternative Financial Solutions more
affordable and convenient to the underbanked
consumer
• Benji’s goal is to disrupt the brick and mortar
Cash Checking Outlets by lowering
intermediation and infrastructure costs through
technology
• Stack Paper, Not Fees - Benji
NOT FOR DISTRIBUTION 2
3. Opportunity
• Underbanked consumers paid over $78b last in interest
and fees last year alone to conduct financial transactions
• Recent regulatory changes have prevented banks from
charging certain overdraft fees and interest, this has
created an acquisitive marketplace
• The problem is two fold
1. Cash Checking Outlets dominate the distribution of
Alternative Financial Services (AFS)
2. Highly fragmented marketplace
NOT FOR DISTRIBUTION 3
4. Alternative Financial Services
• Distributed through Check Cashing Outlets
• $680b in transaction volume last year
• $78b in interest and fees
– Prepaid Debit Cards
– Payroll Cards
– Remittance
– Check Cashing
– Bill Pay
– Pay Day Loans
NOT FOR DISTRIBUTION 4
6. Why Consumers use
Alternative Financial
Services
Benji is both more convenient and
faster access to cash
NOT FOR DISTRIBUTION 6
7. Check Cashing Outlets
• Brick and mortar branch
based busines
• 15,000+ in the US alone
• High infrastructure
costs
• Saturated with
intermediaries
• Inconvenient locations
and hours
NOT FOR DISTRIBUTION 7
8. Solution
• Online web based platform that facilitates:
– Check cashing
– Same day money transfers
– Bill Pay
• How this helps
– Lower infrastructure costs = lower fees
– Removes many of the intermediaries
– 24/7 access
NOT FOR DISTRIBUTION 8
9. Problem
•Highly fragmented marketplace for products
– Each product comes from a different merchant
– High recurring fees
– Higher transaction fees
– Inconvenient
– No cost synergies
NOT FOR DISTRIBUTION 9
10. Benji’s Solution
• Turnkey solution for Alternative Financial Services
– Prepaid Debit Card
– Payroll Card
– Money Transfers
– Check cashing
• How this helps
– One monthly fee
– Lower transaction fees per service
– More convenient
NOT FOR DISTRIBUTION 10
13. Ex: Western Union Transaction
$200 $176
12% Spread
Sender
Sender Receiver
Receiver
Fee + FX Spread
Fee + FX Spread
Financial Intermediary
Financial Intermediary
Fee Fee
Sending Agent
Sending Agent Western Union
Western Union Receiving Agent
Receiving Agent
NOT FOR DISTRIBUTION 13
14. The Process
Payroll
Payroll
NOT FOR DISTRIBUTION 14
15. Benji Drives Down Cost
Cash Checking Outlets
Cash Checking Outlets Benji
Benji
Agency Fees
Agency Fees Lowers cost through technology
Lowers cost through technology
FX Spread
FX Spread
Infrastructure Cost
Infrastructure Cost
Intermediation Cost
Intermediation Cost
Customer Acquisition
Customer Acquisition
Infrastructure Cost
Infrastructure Cost
Intermediation Cost
Intermediation Cost Customer Acquisition
Customer Acquisition
NOT FOR DISTRIBUTION 15
16. Business Model
• B2C
– Monthly Subscription Fees
– Transaction Fees
• Check Cashing
• Money Transfers
• Bill Pay
• B2B
– Licensing Revenue
• API license
– Revenue Sharing
• Transaction fees
NOT FOR DISTRIBUTION 16
17. Customer Acquisition
• Target demographic specific acquisition channels
• Promotional offers for acquiring new users
• Partnership Opportunities
– USPS
– Local urban organizations
• Socially responsible interface
• Benji community fund
– $1 earned, $1 to community fund
NOT FOR DISTRIBUTION 17
18. Pricing
Industry Average Benji
Monthly Fee $4.95 per product $4.95 for all products
Money
12% 5%
Transfer/Remittance
Check Cashing 3-4% 1-2%
Bill Pay 1-2% 1%
Total Cost $150-$175 a year <$100
NOT FOR DISTRIBUTION 18
19. Industry Comparison
Greendot WU Bluebird Rushcard Benji
Check Cashing x x
Same Day Money Transfers x x
Bill Pay x x x x
Payroll Card x x
One Monthly Fee x
NOT FOR DISTRIBUTION 19
