Product Description

Over 80 million remote workers in Africa prefer to receive their salaries in USDC, but there is no affordable cross-border payroll solution provider that can help them. Bonpay Finance is developing a versatile financial management platform that offers a range of features tailored for remote workers and businesses operating in the Web3 ecosystem. It facilitates seamless invoice management, allowing users to create and send professional invoices with ease. Additionally, it supports multiple digital and fiat currencies, providing users with the flexibility to denominate their payments in their preferred currency, thus simplifying accounting processes. Bonpay Finance also includes a user-friendly dashboard that allows for easy tracking of payments, providing real-time updates on their status. Moreover, users can set up automatic reminders to ensure timely payments. 

The Problem: 

  For Freelancers: 

95% of over 80 million remote workers in Africa prefer to receive their salaries in stablecoin (USDC) in order to hedge against currency devaluation but do not have access to any cross-border payroll solution provider.

  For web3 startups:

Current payroll solutions are expensive to use ($80) per month, so they prefer to manually send out crypto after getting an invoice from an employee.

  For employees in the Web3 ecosystem: 

Employees experience delayed paydays due to manual payroll methods, such as when the CEO is out of the office for Web3 events and HR does not have access to automate the payroll process.

The Solution:

For startups, DAOs, and the Web3 community

1. Simplified Financial Operations: Bonpay Finance addresses the complexity of managing cryptocurrency finances. It streamlines the processes of invoicing, payment tracking, and accounting, reducing the time and effort required for these tasks.
2. Affordability: Bonpay is the most affordable cross-border payroll solution.
3. Multi-Currency Flexibility: The platform accommodates both cryptocurrency and fiat, allowing users to denominate payments in their currency of choice. This flexibility ensures compatibility with a wide range of financial preferences and requirements.
4. Efficient Payment Tracking: Bonpay Finance's intuitive dashboard provides a central hub for monitoring payments. This real-time tracking eliminates confusion and helps users stay organized with clear insights into payment statuses.
5. Payment streams: Startups and DAOs can set employees or contractors to pay in daily streams, weekly streams, or monthly streams.
6. Automated Payment Reminders: The system allows users to send friendly reminders with just a click, ensuring timely payments and reducing the need for manual follow-ups.

For employees, freelancers, and remote workers:

1. A payroll link that can receive any crypto as a means of payment and auto-convert to USDC
2. USDC withdrawal to the bank or fiat withdrawal
3. Professional invoices generated for clients
4. Credit rating systems in order to secure points for buy now pay later platforms

How it works

Bonpay Finance offers a user-friendly visual dashboard that allows users to efficiently track the status of payment requests, categorizing them as accepted, paid, or outstanding. Additionally, it provides insightful analytics, displaying the number of employees per department and the corresponding payments on a daily, monthly, and weekly basis. The platform also incorporates an automated reminder system, streamlining payment prompts with a single click for enhanced efficiency and reduced late payments. Furthermore, users can easily create professional invoices tailored to their brand, with the option to denominate payments in either cryptocurrency or fiat currencies, accommodating the preferences of both senders and recipients.

Deliverable 1

Description:

Conduct comprehensive research in Stellar documentation. Finalize the user interface (UI) for the wallet in collaboration with the integration partner. Execute the front-end and back-end implementation for the wallet, ensuring robust security measures are in place.

Completion Metrics:

• Successful creation of an in-app wallet for any user upon registering on the platform.

Estimated Completion Date:  2 weeks

Allocated Budget: $10,000

Deliverable 2

Description:

Develop and implement a user-friendly interface for freelancers, employees, and startups to deposit and withdraw Stellar USDC. This includes designing and implementing the UI and API for the balance, wallet, and top-up/withdraw pages.

Completion Metrics:

• Successful implementation of the top-up and withdraw functionality for Stellar USDC
• The ability for employers, employees, and freelancers to successfully deposit and withdraw Stellar USDC to their respective wallets

Estimated Completion Date: 3 weeks

Allocated Budget: $10,000

Deliverable 3

Description:

Create an intuitive user interface and robust backend infrastructure within the application for invoice and budget management. This functionality will empower employers to monitor their team's budget and invoices and make approval or disapproval decisions.

Completion Metrics:

• Employers will have the capability to seamlessly approve or disapprove in-house expenses and budgets. Additionally, employers will be able to implement an automated, personalized invoicing system.

Estimated Completion Date:  2 weeks

Allocated Budget: $10,000

Deliverable 4

Description:
Design and Develop a user-friendly interface and backend infrastructure to enable freelancers to withdraw USDC via MoneyGram.

Completion Metrics:

• Successful implementation of the withdrawal functionality for USDC via MoneyGram

• The ability for freelancers to successfully withdraw their USDC via MoneyGram

Estimated Completion Date: 2 week

Allocated Budget: $10,000

Deliverable 5

Description:

Create the user interface (UI) and integrate it with one of the Stellar-based Africa On & Off Ramp infrastructure.

Completion Metrics:

• Upon successful implementation, all users will have the capability to seamlessly withdraw funds to their local bank.

Estimated Completion Date: 1 week

Allocated Budget: $5,000

Deliverable 6

Description:

Conduct comprehensive penetration testing, engage in auditing processes, seek legal consultation, and ensure compliance and security measures.

Completion Metrics:

• The website will achieve a high level of security, being safeguarded from potential hackers after undergoing rigorous testing and audits. Data handling will exhibit full compliance and robust security measures.

Estimated Completion Date:1 week

Allocated Budget: $5,000

Bonpay addresses the Stellar cross-border payment and on-off ramps use case by providing a seamless and affordable way for freelancers and startups to send and receive payments in Stellar lumens. In a mere 12-hour window of our private testing phase, we've experienced impressive user adoption, with 50 freelancers and 20 startups eagerly awaiting to use our platform. This initial traction not only signals a robust demand for our solution but also indicates a promising trajectory towards substantial growth in the near term. We're enthusiastic about the path we're charting and eager to build upon this momentum.

Bonpay is committed to working with Stellar to build a more inclusive and accessible financial system for freelancers and startups around the world. By providing a user-friendly platform for cross-border payments and on-off ramps, we are helping to break down barriers and create new opportunities for economic growth and development.

We believe that Bonpay has the potential to make a significant contribution to the Stellar ecosystem. By increasing awareness and adoption of Stellar, we are helping to create a more equitable and inclusive financial system for everyone. We are excited to work with the SCF reviewers to bring our vision to life.

ROADMAP --> Q4 2023:
 

• Complete Integration with Fireblocks: Fireblocks is an easy-to-use platform to create blockchain-based products and manage day-to-day digital asset operations.
• Withdraw to the local bank: Enable users to withdraw their Stellar USDC to their local bank accounts in a seamless and timely manner.
• Hiring key roles: Onboard experienced and talented team members to support the growth and development of the Bonpay platform.
• Close partnership with Beepo: The Social Neobank image Onboarding Users from Web2 image to Web3 
  • Withdraw to Beepo wallet. 
• Close partnership with Accrue: Accrue is building a USD-stablecoin agent network that helps individuals send and receive payments across Africa in minutes
  • Withdraw to Accrue wallet.                           
• Close partnership with Linkio: Partner with Linkio, a web3 cross-border payments infrastructure for Africa powered by Stellar
• Beta launch(startups): Launch a beta version of the Bonpay platform to a limited number of startups to gather feedback and make necessary improvements.
• Final test: Conduct a comprehensive final test of the Bonpay platform to ensure that it is ready for a full launch.

Additional details:

• Develop and implement a robust fraud detection and prevention system.
• Conduct security audits to ensure the security of the Bonpay platform and user data.

• Develop and launch a marketing and outreach campaign to generate awareness and adoption of the Bonpay platform.
  

Allocated Budget: $10,000

ROADMAP -- > Q1 2024

• Complete invoice feature: Implement a comprehensive invoice management system that allows users to create, send, and track invoices with ease.

• Complete in-app budgeting feature: Develop and implement a powerful budgeting tool that helps users to manage their finances effectively.

• Mull multi-chain support: Explore the feasibility of integrating with other blockchains to expand the reach and functionality of the Bonpay platform.

• Alpha testing: Conduct a limited alpha test with already users and startups gather feedback and make necessary improvements on new features.

• Close partnership with Decaf: Partner with Decaf, a leading fiat-to-crypto onramp provider, to enable users to deposit and withdraw fiat currencies using their Decaf wallets.

• Full launch: Release the Bonpay platform to the public and make it available to all users.

• Launch a marketing and outreach campaign: Develop and execute a marketing and outreach campaign to generate awareness and adoption of the Bonpay platform.

Allocated Budget: $10,000

ROADMAP -- > Q3 & Q4 2024

• Implement Bonpay benefit and pension system: Develop and implement a comprehensive system for managing employee benefits and pensions, including payroll deductions, contributions, and payments.
• Implement Bonpay for enterprise/API services: Make the Bonpay platform available to enterprises through a set of APIs, allowing them to integrate Bonpay into their existing systems and processes.
• Implement credit rating system for employees feature: Develop and implement a credit rating system for employees, which can be used to assess their creditworthiness and provide them with access to financial products and services.
• Implement API for brokerage service support for the buy now, pay later platform.

Allocated Budget: $10,00

Other budget

Legal: $5,000

Partnerships: $2000
Operations: $10,000

Marketing/Strategic Ads: $5,000

Our leadership team is spearheaded by Adebayo, who serves as the Co-founder and CEO, and Alfred, who holds the position of Co-founder and CTO. Complementing them, we have two talented designers, three skilled engineers, and one expert in business development and marketing.

Adebayo Oluwaseun (Co-founder & CEO) brings a wealth of experience as a software engineer, product manager, and developer relations expert at Spheron Network.
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Alfred Johnson (Co-founder & CTO) has an impressive background as the former Chief Technology Officer at Sonergy Data Technologies. He's also held senior positions as a Blockchain Engineer at Scorefam, Assetbase, and Illnigence LLC.
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Adebayo and Alfred have been collaborating for over five years, leveraging their combined expertise in software development, product and program management, developer relations, and business development.

Collectively, our team boasts over a decade of specialized proficiency in Web3 and Solana development. For example, I have a proven track record of successfully developing and deploying dApps on various blockchain platforms, including Solana. In parallel, Alfred excels in Solana smart contract development and seamlessly integrates them with the front end using the Solana Framework.

Alfred's role as a Senior Blockchain Engineer at Scorefam involved pivotal contributions to technology decision-making and conducting comprehensive security audits of smart contracts. Simultaneously, I was at the forefront of pushing the boundaries of decentralized applications by deploying dApps on multiple blockchain platforms.

As a Senior Blockchain/Backend Engineer at Assetbase, Alfred led extensive testing efforts and managed a robust PostgreSQL database. He excelled in integrating backend systems with the blockchain, streamlining critical processes, and ensuring platform reliability