Ewala 1A

Sustainable Development Tax Shelter
Equity Belgium
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Pre money valuation
Equity offered
Amount raised
Committed by co-investors
0 days
Minimum target
125% funded
This campaign has been closed

Historical accounts

Ewala started to exploit its business early 2017. The sales raised rapidly from 1 000 EUR per month with an average basket of 2 EUR to more than 15 000 EUR with an average basket of 8 EUR.We kept the expenses under control. They were financed by our incubator.

Financial plan

Ewala is a limited liability company with a capital of 18 600 EUR. End of 2017, on top of the 15 000 EUR capital increase, Ewala targets an additional 100 000 EUR of capital raised with this campaign.To secure a long term financing our IT development, the running costs of the european PSP licence, Ewala started discussion to raise 100 to 200 000 EUR via public entities and local banks.To fully leverage our strategy, Ewala will look for a second round of capital raising end of 2018, start of 2019, for an amount of 500 000 EUR. A part from public entities, firms in the telecom and remittances sectors already shown interests.
Ewala is already investigating several way to further disrupt its markets. As an example, we are already in discussion with blockchain experts. We see in the blockchain a tool to improve speed, transparency (between the sender and the receiver) and costs. On top, the blockchain technology will allow us to extract more value for each transaction by controlling the end-to-end process and data.

Revenue drivers

Ewala will focus on two activities : mobile recharge and remittances. Our experience during 2017 shown an increase of 10 fold in our turnover and 4 fold in the average basket value. Our revenues are driven by our capacity to disrupt the market by acquiring new clients at a very low cost via our very local approach of communities. By multiplying Retail shops by three, focusing on the B2C and starting the remittances business, we target to reach a total revenue of 1 780 000 EUR in 2018. Our bottom line will also be improved by the implementation of the new partnerships signed end of 2017 adding 5 points of gross margin. The average baskets per transaction for mobile recharge are respectively 5, 10 and 20 EUR for B2R (shops), B2C (website and app) and B2B (ONG and businesses). On the remittances market, we are taking a conservative approach with an average basket of 250, 200 and 500 for B2R, B2C and B2B. Also, we don’t incorporate in our forecast an increase in such amounts to keep a conservative approach. In term of numbers of transaction, we reached more than 10 000 transactions in mobile recharge in 2017 splited at 70% for B2R, 10% for B2C and 20% for B2B. We expect of the coming years that part of the B2R will be reduce to 55%, the B2B to 10% letting the part of B2C raising to 35%. With 5 000 transactions expected in 2018, our remittances business will be mainly driven by our B2R (shops) approach with 75%. The B2R volumes will move to B2C which will raise from 5% to 40%. The B2B is expected to be stay within a 10 to 20% range. 2019 will be the year of expansion in Europe. Between 2019 and 2020 we will launch new activities to better support our communities and insure to keep our margin and average basket value stable. Our long term vision is to become the first financial facilitator for the diasporas.

Cost drivers

On the mobile recharge and remittances business, our first cost driver is our capacity to negociated tight prices with our providers (telecom comapnies, aggregator, money transfert companies …). To mitigate the impact, we are multiplying partnership with aggregators and adding direct access to local operators.
The costs (and priorities) of 2018 will be drive on one part by the granting of the BNB PSP licence under PSD2 for money transfer and on the other part by IT developments. They will represent all together around 60% of our expenses. Marketing and cost of sales will add 20%. The Co-founders will limit their remuneration below 10%. Provision for risks will represent 5M and the financial charge will be below 4%.
The cost structure will be kept almost constant over years with a IT development, cost of sales (incl. Marketing) and costs linked to the licences representing 75% of all expenses. The next key cost are the wages of the key persons.

Financial tables


Break even volume

The end of year following our expansion in Europe we target to be break-even in term of EBIT.

Break even year

1 November 2020


The available budget for Tax Shelter investments has been fully utilised. Investments will not be eligible for the tax shelter advantage.