Are you a service provider and find a hard time chasing your consumers for payments of the service offered well here is an app that will save both your time and money. Introducing the Bravo Tipping App that allows you to pay your consumers to pay you or you pay your consumers.
Users are not required to share their personal details and help user pay their tips to the service providers as well. This service can be used by any service industry as long as there is a payment or tip that needs to be paid.
Bravo at a glance:
|Idea||Pay and tip app based on blockchain technology|
|Founders||Maria Del Carmen Luna and Hector Rodriguez -Luna|
|Asked for||$150,000 for 5%|
|Accepted deal||$150,000 for 10% + 4% advisory shares|
|Sharks||Lori Greiner & Mark Cuban|
|Business status||In business|
The founders’ Maria Luna and Hector Rodriguez developed the app in Phoenix, Arizona after they encountered an incident where the husband-wife duo could not pay a tip to the trekking guide they were with. The two of them had many ventures in the medical industry and wanted to start a venture in the technological space which was a big challenge. Both the founders are from Puerto Rico.
Did Bravo Tipping App get a deal on shark tank?
The pitch given by the founders of Bravo started off with them seeking an investment of $150,000 for 5% of the company. They showcase the product and tell the story behind developing the business, this was followed by a question from the sharks.
Maria explains to the sharks that in order for the payment of tips both the parties need to have the app. Bravo, the company provides the supply of sales materials for service providers. The app is used by 25% of the service providers in Arizona. The app claims to be more secure than Venmo or PayPal.
For individual tipping, there is an associated 2% processing charge that needs to be paid. Since the company started they have made $1million in sales. Barbara is confused about the product so she is the first one to go out. Kevin is the next one to go out as the product as per him needs more money as compared to what is asked. Alex says “It’s too difficult”, therefore he is out too. Finally, Lori and Mark throw an offer at Maria and Hector for $150,000 for 15% of the company. The offer is countered by Maria, who asks for $150,000 for 10% equity and 2% advisory shares.
Mark and Lori agree on a deal if maria makes it 2% advisory shares received by each. Hector and maria consider and accept the offer. Hector and Maria walk out with a deal of $150,000 for 10% equity and 4% advisory shares with two sharks Lori and Mark.
What happened to Bravo Tipping App after the shark tank?
The deal with Mark Cuban and Lori Greiner on the show shark tank never closed. The app is now adding new types of payments to its services. In 2019 the company has started accepting cryptocurrency payments on the app. They have also started using a new type of marketing that is unique in its own way. The company uses Geofencing marketing for advertisements of the product. The company has an annual revenue of $2million as of January 22.
About the product:
- The app uses a GPS function that helps locate the service providers nearby.
- The only details asked by the app are that of the bank account for the service provider and no details of personal level are transmitted.
- Users pay the money by debit or credit card that is sent immediately to the bank account of the service provider.
- Money is usually sent in 1-3 days.
- The app makes money through the machine learning function that is used in the system of the app, which can be retailed separately.
- The other way to make money for the app is through the discovery of names ad the vicinity of other users to make payments to them.
Competitors Of Bravo Tipping App:
These are the competitors to the Bravo Tipping app
- Paysafe Group
What is the net worth of the Bravo Tipping App?
During the pitch on the shark tank show, the company had a valuation of $ 1.5 million. The company is still in business and is making an annual revenue of $2million which means the valuation would have elevated.
Is Bravo Tipping App still in business?
Yes, the company is still in business and is seeing new ways to make payments easy for its consumers. They have a number of additional things as part of the app like meet and greets pre-concert passes, and much more.
The company is on the roll to introducing new things into the app and will see an expansion in sales in the coming years. The marketing strategies used by the company are also seeing a contribution most significant. This new app allows payments to be smoother and helps tip the lives of the service providers even better.
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What is Bravo Tipping App?
Bravo Tipping App is Pay and tip app based on blockchain technology.
Who founded Bravo Tipping App?
The founders’ Maria Luna and Hector Rodriguez developed the app in Phoenix, Arizona the two of them had many ventures in the medical industry and wanted to start a venture in the technological space which was a big challenge. Both the founders are from Puerto Rico.