The Cash economy is and estimated $50 billon dollar year industry consisting of the unbanked and cash compensated worker. A Local Portland Oregon called Point of Wealth Systems has developed a product called Point of Wealth Registers. The product is delivered to on site at companies where workers funds can be electronically allocated to bank accounts, used to pay prepaid debit or visa cards, pay bills and other transactions that give the worker or the unbanked a a very valuable resource.
Profile Information:
MARKET SEGMENT: Consumer Devices
FUNDING AMOUNT:$100,001-$500,000
FUNDING ROUND:Angel
FUNDING DETAILS:All funding provided by founders, family and friends.
COMPETITORS: No direct competitors. Secondary competitors include banking ATM owners.
PRODUCT DESCRIPTION: The Point of Wealth Register (POWR) is the first onsite, at-work kiosk that offers financial services to cash-compensated employees. Funds can be electronically allocated to bank accounts, personal investments, bill pay, prepaid Visa cards or IRAs through a secured network. POWR registers are placed in heavily cash-compensated businesses such as bars and restaurants and offer banking and investment opportunities at the moment of maximum cash liquidity.
MARKET OPPORTUNITY:According to the National Restaurant Association there are 945,000 restaurants producing $566 billion in annual revenue. There are 13 million restaurant workers catering to 130 million daily restaurant patrons. The Center for Financial Services and Innovation estimates 47 million working Americans are either unbanked or under banked.
CONTACT: David Prehn dave@thepowr.com
COMPANY ADDRESS: 920 SW Third Ave.Portland, OR 97204
PRIMARY PHONE: 503-890-3931
PRIMARY FAX: 503-747-7002
URL: www.thepowr.com
OFFICER ONE: Doug Lindstrom – CEO & Founder
OFFICER TWO: Mark Dybvig – CFO
OFFICER THREE: David Prehn – Co-Founder
OFFICER FOUR: Steve Wilkinson – Co-Founder
