Honey Payment: multi-application for financial management

Although all the individual solutions that are part of it are already functioning worldwide, no one has managed to put them together as neatly as Grzegorz Szulik, the company’s owner. And because he prepared for global expansion in advance, his business is already valued at $100M, although the company has only been operating for two years.

The Honey Payment technology is based on quick identity verification and operations authorization. It is used in 3 payment applications where the company collaborates with banks, other financial institutions, and service providers.

The first, Dot Bee, combines various banking services, such as transfers and card payments, cashback (cashback), insurance purchases, tickets, sending parcels, managing the household budget, organizing donations, and even non-cash tips via QR-codes.

Another MamBon, is a platform for purchasing vouchers for services, mainly in the cosmetics and entertainment sectors. Unlike Groupon, however, vouchers are selected here, guaranteeing good quality. Together with its partners, the company also creates special packages. Soon, the application can book appointments in the schedule, similar to Booksy.

Finally, LoanByLink allows immediate installment payment, which is particularly attractive for beauty salons and car repair shops. However, the interest rate is not low, as it averages around 10%. Many companies of this type have already decided to cooperate with Honey Payment because the ability to offer installments often determines whether a sale will occur.

The idea for Honey Payment was born in 2020 as a response to the pandemic, although Szulik already had another company offering quick loans then. The basic Dot Bee service is designed to focus on delivering the partner offer, not executing it, but this limits earnings. Hence the idea for two other applications that allow you to create margins. The functionalities of all of them overlap, so customers of one application often install the others. Cooperation with partners looks similar, thanks to which it starts to generate income not after 13 months, as is standard in this industry, but after 6. Honey Payment has about 0.5M users, 2,000 partners in LoanbyLink, and 1,000 in MamBon.

2022 was the company’s first full year of operation, bringing in revenues of $0.9M. This year it ought to be several times more. Honey Payment is preparing to enter New Connect through a reverse takeover, as it has established cooperation with JR Holding and will soon take over Maximus, a company belonging to this group. JR Holding will then become a co-owner of the company, with Szmulik retaining 25% of the shares.

A year ago, the company was valued by investors at $100M, receiving $3.75M from them for development. This year it ought to be $11M, which will allow for dynamic organic growth in Europe because it has operated only in the Czech Republic since this year. It is to translate into the highest possible valuation of the company because only in this way it will be possible to afford rapid development in the USA. If everything goes well, in 3 years at the latest, revenues from Poland will constitute no more than 15% of total revenues.

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