Takeoff Media Ltd (Pay It Now NZ)
By Craig Duffield
NZ $53,501 pledged
27 people pledged
2 months left
NZ $200,000 minimum target
Pledges will only be confirmed if the target is reached by: 30/09/2022 at 5:00 PM (NZDT)
Make a PledgeAbout
Takeoff Media Ltd (Pay It Now NZ)
A Note From The Founders
Pay It Now (PIN) was founded on a friendship between two former aviation colleagues. When Covid struck the world in 2019, we were made redundant from large International airlines. With both of us having a background in Cryptocurrency trading and mining, we discussed starting a business together.
We realised there was a gap in the market for simple and secure cryptocurrency payments for store and website owners. We set out to fix some of the current issues in the cryptocurrency sectors; we saw that crypto was slow and expensive to use, making small purchases like buying a coffee unaffordable.
To fix these problems, we created our own Layer 2 solution to allow our customers to complete transactions in less than a second without any expensive transaction fees, and the PIN Network was created.
From there, additional products like PIN Payments, PIN Rewards, PIN-FT, and PIN Data have been gradually added to the PIN Network, which has allowed PIN to become one of New Zealand's leading blockchains companies. Now it is time to raise capital through PledgeMe to expand our products to the global markets and introduce PIN to the world.
We are excited to have you on as a potential investor and part of the pioneering Pay It Now team.
Company Overview
Takeoff Media Limited is the ultimate holding company, and 100% shareholder of its subsidiary: Pay It Now NZ.
Our product Pay It Now (PIN) is a payment, reward and data storage system that utilises blockchain technology to achieve instantaneous transactions with low fees and secure data storage that provides an alternative to traditional cloud storage.
Our Mission
To incorporate cryptocurrency services into the daily activities of businesses and customers by providing innovative, simple, secure, and rewarding services that increase the mass adoption of cryptocurrency through PIN’s unique payment, reward, and data solutions.
Our Vision
To increase accessibility and usability of blockchain for all age demographics on a global scale by being the go-to solution for payments, rewards, and data.
Why Choose PIN, And Why Invest In Us?
We believe PIN is novel because:
Company Timeline
Our Key Products & Services
Coming Soon...
Sustainability
During our research, we found several articles relating to the energy consumption of Bitcoin being very high globally, but compared to the other sources listed in the chart, the figures speak for themselves.
Pay It Now has further reduced energy consumption compared to Bitcoin. The PIN network system uses significantly less energy due to our proof of history consensus. Our servers use the equivalent power of a high-end gaming PC, which is around 1400 kWh per year*.
*McCook, H. (2021, May 4). A Comparison Of Bitcoin’s Environmental Impact With That Of Gold And Banking. Nasdaq.
*Hayden, L. (2021, November 15). How Much Power Does a Gaming Computer Use? (Updated!). The WiredShopper.
Competitor Analysis
PIN Payment is a blockchain-based payment gateway that uses numerous digital currencies and could be compared to PayPal, Stripe, or Worldpay of cryptocurrency.
PIN Payment will attract shops by only charging 0.5% per transaction, which is significantly lower than PayPal at 3.5% + 30c per transaction, Stripe at 2.9% + 30c per transaction, and Worldpay at $38 for regular services and $92 for advanced services per month, for transactions. These alternative payment channels are expensive for merchants. Businesses will enjoy PIN Payments at much lower transaction fees when compared to the payment mentioned above channels.
Current forum, website and instore reward systems do not allow owners to compensate loyal members for providing content and engaging in their community. For example, Fly Buys and Air Points, well-known in New Zealand, provide a choice of items and services in exchange for being loyal customers at hundreds of retail stores countrywide but do not allow those rewards to be cashed out. Other reward systems do not help consumers since they involve too much spending or don't provide enough items to spend reward points on.
Presently, no incentive system delivers users cryptocurrency along with the other benefits of lower merchant fees, no gas fees, reflections, and rewards utility, leaving a market gap for PIN Rewards. PIN tokens may be exchanged for cash, cryptocurrencies, or products or services in establishments that have accepted the PIN network, making the PIN rewards system more than a loyalty programme. By letting consumers select between products, services, and fiat, businesses implementing the PIN ecosystem could gain devoted customers. The table below gives a breakdown comparison.
Proposed Strategic Growth Plan
Share Classes
Shares issued through this crowdfunding will be non-voting investor shares, ranking equally with all other existing non-voting investor shares and carrying the rights listed below. Takeoff Media Limited is what this share offer pertains to. Takeoff Media Limited is a holding company of Pay It Now NZ Limited. The shareholders have:
- the right to an equal share in dividends and other distributions* made by Takeoff Media Limited (subject to the rights of any other class of share).
Please refer to the company constitution and shareholders agreement for more information.\
Returns
Our capital allocation strategy is to reinvest into value-creating projects, thus dividends and other distributions are unlikely to be a part of our cash flow allocation strategy for the first 3 years.
Proposed Use Of Funds
Share Offer - Summary
The shares offered are in Takeoff Media Ltd, an ultimate holding company of Pay It Now NZ Ltd.
This offer equates to a total stake of between 1.5% and 13.3% of the business at a pre-money valuation of NZD$13,000,000.
Takeoff Media could potentially capital raise again within the next 3-5 years which could lead to dilution. Please consult the company constitution and shareholders agreement for further information.
Capitalisation Tables
Pre-Raise Takeoff Media Ltd
|
Person |
No. of Shares | % Ownership |
| Jitendra Maharaj | 5,200,000 | 40% |
| Anna Duffield | 5,200,000 | 40% |
| Employment Shares Scheme | 2,600,000 | 20% |
| Total | 13,000,000 | 100% |
Post-Raise Takeoff Media Ltd
If Minimum $200,000 is Raised
| Person | No. of Shares | % Ownership |
| Jitendra Maharaj | 4,870,000 | 36.9% |
| Anna Duffield | 4,870,000 | 36.9% |
| Trenton Stanley | 660,000 | 5.0% |
| Employment Shares Scheme | 2,600,000 | 19.7% |
| New Investors | 200,000 | 1.5% |
| Total | 13,200,000 | 100% |
If Maximum $2,000,000 is Raised
| Person | No. of Shares | % Ownership |
| Jitendra Maharaj | 4,825,000 | 32.2% |
| Anna Duffield | 4,825,000 | 32.2% |
| Trenton Stanley | 750,000 | 5.0% |
| Employment Shares Scheme | 2,600,000 | 17.3% |
|
New Investors |
2,000,000 | 13.3% |
| Total | 15,000,000 | 100% |
Valuation
Valuation method
Our company valuation came as a result of a deep quantitative and qualitative analysis. We aimed to take a conservative approach, preferring to undervalue rather than overvalue the company.
Qualitative analysis
Information was researched and formed after consulting with several New Zealand Government entities to get a better understanding on how to valuate a company.
Comparative research was also undertaken to understand the valuation entry points of competing companies.
Quantitative analysis
To perform a quantitive valuation of our company, we used a Discounted Cash Flow model (DCF).
- We forecasted our financials 5 years into the future (2023-2027), ensuring to be on the conservative end with our assumptions.
- Forecasted Unlevered Free Cash Flow for years 2023-2027.
- The discount rate used was the Weighted Average Cost of Capital (WACC)-WACC used was 17%
- The net present value of 5yr Unlevered Free Cash Flow discounted to our WACC was then multiplied by a conservative-end terminal EBITDA multiple (3.0x) for both total Enterprise Value and total Equity Value.
The average was taken of all final values to give us our final valuation of approx. NZD$13m.
Pay It Now Team
Risks and Mitigations for Pay It Now
Blockchain technology is becoming more widely adopted globally, however, there is a lot of speculation when the topic turns to cryptocurrency.
Cryptocurrencies are volatile assets that can rapidly change prices due to doubt caused by large organisations such as governments. While many cryptocurrencies add to the doubt about blockchain, many more have the potential to improve human life altogether.
In order to reduce the doubt about cryptocurrency and any adverse effects that follow, PIN has become an official financial service provider. This gives potential onboarded businesses more confidence in the payment gateway. PIN has analysed the following risks as the most crucial:
|
Risk |
Mitigation |
|
Free crypto affecting price and liquidity: Rewards will be distributed in PIN tokens, resulting in tokens being sold for profit, affecting the liquidity pool and price.
|
Although this will be a daily occurrence, retailers will be staking tokens, increasing prices and decreasing supply. PIN will also be allocating part of the PIN Data subscription fee to the token's liquidity. In addition, an unbridging fee will be collected before the tokens are moved off layer-2, thus increasing PIN price by regular buybacks and rejuvenating the PIN Rewards network.
|
|
Volatility of the crypto market: Prices change rapidly daily and may hinder some businesses from adopting PIN payment.
|
To stop companies from selling goods below the price they wish, retailers will be able to cash out a digital version of the local currency. In the future, PIN aims to create a stablecoin that will further protect businesses in times of market volatility.
|
|
Dilution risk: Dilution may occur if Pay It Now decides to raise additional capital in the future, issue new shares to investors and give the option of grants to employees.
|
Takeoff Media will position the company to minimise future capital raising by minimising expenditure, overheads and debt. while maximising revenue. |
|
Government Regulation of Cryptocurrency: Increased government regulations come with increased financial costs as a risk to the company.
|
Current regulations for the cryptocurrency market are aimed at AML/CFT compliance, for which we are compliant. Takeoff Media plans to stay proactive in staying up-to-date with any upcoming regulation changes and reacting early to stay compliant. |
|
Loss of Key Personnel: For Takeoff Media, our source code is highly secure with minimal staff access, to reduce cyber security threats. This creates a risk if there is a sudden loss of key personnel.
|
Takeoff Media has implemented several safety measures to allow for two forms of back up of the source code to mitigate this risk. |
Warning Statement
This document has been prepared by Takeoff Media Limited. The purpose of this document is for information in relation to the Takeoff Media Limited share offer on PledgeMe. All efforts have been made to ensure the accuracy and reliability of the content as of the date of this document.
PledgeMe is licensed and regulated by the Financial Markets Authority, and the share offer made by Takeoff Media Limited will only be available for acceptance through the PledgeMe website.
Equity crowdfunding is risky. Issuers using this facility include new or rapidly growing ventures. Investment in these types of businesses is very speculative and carries high risks. You may lose your entire investment and must be in a position to bear this risk without undue hardship. New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision. The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.
Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.
A note from PledgeMe
We have completed IQ Connect checks on Takeoff Media Ltd, and their Directors, as well as Google and Insolvency checks. There were no adverse findings.
Updates 2
Over a Quarter of the way there!
09/08/2022 at 4:10 PM
Woohoo, 25%!
We would like to take this opportunity to thank all our pledgers who have helped us get over the 25% mark of our minimum investment required! We are glad to have you be part of our Pay It Now journey.
We still have a wee way to go, so it would be fantastic and helpful if all our supporters could share our campaign with all your friends and networks to help us reach our goal and beyond.
An article on Pay It Now and our Pledge Me campaign has been published today in New Zealand Entrepreneur. Please check it out in the link below and share it around!
Once again, we thank you for your pledges, unending support, and Aroha.
Ka Kite
The Pay It Now Team.
Off to a good start!
03/08/2022 at 7:10 PM
Our Pledge Me campaign is off to a good start!
We thank our first investors and everyone who supports who we are and what we do at Pay It Now.
The road ahead is our journey, and our first investors have gotten us to nearly 20% of our minimum raise.
We need your help to spread the word around and share our campaign with anyone you know who would not want to miss out on an opportunity to invest in Pay It Now.
With your help and support, I know we can get to our minimum and beyond and help Pay It Now achieve its goals.
Thank you once again, and all the best!
The Pay It Now Team
P.S. An article about our Pay It Now crowdfunding campaign will be featured in the NZ Entrepreneur newsletter next week! Details to follow in the next update....
Details
Offer Details
| Current Valuation | 13,000,000 |
| Raise Minimum | 200,000 |
| Raise Maximum | 2,000,000 |
| Share Price | 1.00 |
| Minimum Pledge | 250.00 |
| Maximum Shares Offered | 2,000,000 |
Explanation of valuation:
We used a Discounted Cash Flow model (DCF) to value our company.
We forecasted our financials 5 years into the future (2023-2027), ensuring to be on the conservative end with our assumptions.
We forecasted Unlevered Free Cash Flow for the years 2023-2027.
Used 5yr forecasted Unlevered Free Cash Flow to build Discounted Cash Flow (DCF) model.
The discount rate used was the Weighted Average Cost of Capital (WACC)
- WACC used was 17%
The net present value of 5yr Unlevered Free Cash Flow discounted to our WACC was then multiplied by a conservative-end terminal EBITDA multiple (4.0x) for both total Enterprise Value and total Equity Value.
The average of all final values was taken to give us our final valuation of approximately NZD$13M.
The Financial Summary
The Financial Summary assumes a capital raise of $2,000,000 NZD, allowing rapid global expansion. The global expansion rate is reduced proportionally if the total amount is not raised, reducing operational cost and loss/profit estimates.
PIN Partner Growth Rate
Assumes we achieve our goal growth rate of 50+ PIN Partners per month.
% Crypto transactions
Assumes a consistent average monthly turnover of PIN Partners
Increase in crypto transaction volume of 0.125% MOM.
AUS/UK/US expansion date assumptions
Enter Aus market Sep 2022
Enter USA & UK market Jan 2023
PIN Data, PIN Swap, and PIN-FT are not included in the forecast.
Financial Summary
| Prev Year | Current Year | Est. FY 2024 | Est. FY 2025 | |
|---|---|---|---|---|
| Revenue | NZ $30,039 | -NZ $282,255 | NZ $2,711,725 | NZ $7,799,349 |
| Operating Expenses | NZ $204,242 | NZ $1,963,554 | NZ $4,110,730 | NZ $5,722,754 |
| EBITDA | -NZ $174,203 | -NZ $2,245,809 | -NZ $1,399,005 | NZ $2,076,595 |
| Net Profit | -NZ $174,203 | -NZ $2,245,809 | -NZ $1,399,005 | NZ $2,076,595 |
Company Details
Company Name: Takeoff Media Limited
Company Number: 9429050716579
Company Documents
Takeoff_Media___Pay_It_Now_-_information_memorandum.pdf
(application/pdf, 5.46 MB, uploaded 28 July 2022)
Shareholders_Agreement_-_Takeoff_Media.pdf
(application/pdf, 10.9 MB, uploaded 28 July 2022)
Pay_It_Now_NZ_CoyExtract_8128546_26July2022.pdf
(application/pdf, 746 KB, uploaded 25 July 2022)
Pay_It_Now_NZ_CertIncorporation_8128546_26July2022.pdf
(application/pdf, 589 KB, uploaded 25 July 2022)
Takeoff_Media_Ltd_CoyExtract_8128546_19July2022_Pay_It_Now_NZ.pdf
(application/pdf, 392 KB, uploaded 24 July 2022)
TakeoffMedia_Ltd_CertIncorporation_8426486_20July2022.pdf
(application/pdf, 588 KB, uploaded 24 July 2022)
Constitution_PIN_TMA_220722.pdf
(application/pdf, 252 KB, uploaded 21 July 2022)
Pay_It_Now_(PIN)_-_Balance_Sheet.pdf
(application/pdf, 37.4 KB, uploaded 20 July 2022)
Director Details
| Name | Role | Profile URL | Invested? |
|---|---|---|---|
| Craig Duffield | Director | https://www.linkedin.com/in/craig-d-b675651b7/http:// | ✔ |
| Jitendra Maharaj | Director | https://www.linkedin.com/in/jitendra-maharaj-4049a2ab/ | ✔ |
Questions 6
Ask a Question (You must login to ask a question)
You obviously don’t know about the bitcoin lightning network.
Posted on 10-08-2022 by JamesHi James
Thank you for your question. Yes, we are fully aware of the Lightning Network.
We encourage you to research our PIN Network to see how we differ, in our view for better, from the Lightning Network.
The most significant point of difference is Pay It Now (PIN) removes the volatility of the cryptocurrency market from the merchant to protect the price of the sale by instantly converting the transactions into local currency, which is then directly deposited in the merchant's bank account. This means the customer can use their cryptocurrency, and the merchant has the option to receive local currency or change their sales into a cryptocurrency of their choice.
We created this system after extensive and thorough market research and scoping our potential customers. We found that most businesses are hesitant to accept cryptocurrency due to the volatility of the cryptocurrency market, lack of knowledge, and tax implications due to losses and gains. However, when we discussed receiving money directly into their bank account and how our system would create a new generation of customers for their stores, the majority had their concerns eased and they signed on to the PIN Network. Being the first business from New Zealand and in New Zealand gives our customers and clients added confidence in their decision to join our network, amongst other reasons such as gaining a whole new generation and range of paying customers.
There are several other differences between the PIN Network and the Lightning Network, and you can find all this information at www.payitnow.io
If you have any further questions, please do not hesitate to contact us.
The Pay It Now Team
Answered on 10-08-2022 by Craig Duffield
Do you anticipate paying dividends? and if so when do you estimate starting paying dividends to shareholders?
Posted on 09-08-2022 by CamiaHi Camia,
Thank you for your question, we are currently in the growth phase of the business and are forecasted to turn profitable from FY2025. We estimate to be paying out dividends from FY2025 to our shareholders.
If you'd like anymore information, please feel free to contact us via our website.
Regards,
The Pay It Now Team.
Answered on 09-08-2022 by Craig Duffield
A question from a layman: In the longterm, do you think that your platform can be merged with existing infrastructure such as credit cards etc and then leverage off eftpos machines and the likes? The app and tech are great but requiring a different infrastructure is a barrier for now. In the long run I'd love a passive way to pay with my crypto which would make it feel much more familiar (ie no phones, just tap and go on a credit card) or will this tech be forever based on live market values of crypto and the app is essential to establishing what things cost as you want to make purchases. Thanks
Posted on 06-08-2022 by BrianHi Brain
What great questions these are, and thank you for asking them, as it promotes additional information sharing for aspects we have not talked about in our IM.
Pay It Now (PIN) has integrated with two point of sales software providers (Pos Perfect and Salespoint) and is now in talks with two more. The integration was a relatively straightforward task for these providers because, apart from the UI design, their software only needs to hit our APIs. Their software systems talk with our PIN Network to generate a QR code for the user to scan to complete the transaction. Check out this link to see this in action https://fb.watch/eJCjFO2DJl/
We are currently in talks with two EFTPOS providers in New Zealand about integration with their systems, which is an easy process to implement.
Another piece of tech that has just been started at PIN is a Progressive Web App, so merchants can download our POS system on any computer allowing merchants to use the PIN system on their existing counter computer till system.
We are looking at two options to create PIN NFC cards and a New Zealand-based credit card option. The only issue we see with credit cards is the additional fees because one of the PIN Network's points of difference is our super cheap merchant fees of 0.5%. Existing cryptocurrency credit cards charge around 2.9% and scalp the users with exchange fees.
We also have POS PDA devices to lease to a merchant or purchase. This week we took delivery of an ATM which we are testing to see if we can implement the PIN Network.
So as you can see, we plan to continue developing our tech to make it easier for merchants and users to use cryptocurrency in stores or online.
Answered on 06-08-2022 by Craig Duffield
Craig Duffield is one of the two company founders but he is not a shareholder. Why is that?
Posted on 05-08-2022 by CristianHi Cristian, my wife Anna Duffield is one of the major shareholders of the company.
Regards
Craig Duffield
Answered on 05-08-2022 by Craig Duffield
What does a customer need to do to make their first purchase using PIN?
Posted on 05-08-2022 by Terry WoodsHi Terry, Great question!
The customer would need to download the PIN Network App and sign up as a PIN Personal User. If they have existing cryptocurrency in other wallets they can bridge them over to their PIN wallet or buy cryptocurrency from within the PIN App. The acceptable cryptocurrencies are listed on the PIN app and website. After the customer is set up, they are ready to make a payment from the "Payments" option, which allows them to scan the QR code generated on the Merchants device and the funds are instantly transferred from the User wallet to the Merchant wallet in local currency value, which would be NZD in NZ. The whole sign up process take just a few minutes for the user.
The app can be downloaded from www.payitnow.network
I hope this answers your query. Please feel free to contact us from our website for more information.
Regards,
The Pay It Now Team.
Answered on 05-08-2022 by Craig Duffield
Can you provide a simple description of what's involved to start accepting payments using PIN? eg install app, configure, etc. Are there sign up fees or monthly fees, or is it just a % transaction fee?
Posted on 05-08-2022 by Terry WoodsHI Terry,
To sign up as a PIN business account user you can visit the website www.payitnow.network and click on the "Business" link. From there you can click "Apply now" which takes you to the business application online form. Once the details are filled in, we receive a notification and the staff set you up with a PIN Partner account on our network. We then immediately email you your Business ID and User Name. The business user then downloads the App and logs in the "Business" option with the ID and User name provided. They can set up their own password after the first login. Thats it! The business owner is now set up to transact on the PIN Network. They can now enter in a new transaction and generate a QR code for a PIN customer to scan and pay instantly.
There are no sign up fees or monthly fees. a 0.5% per transaction fee is all the PIN Business user pays!
I hope this answers your query. Please feel free to contact us via our website for more information.
Regards,
The Pay It Now Team.
Answered on 05-08-2022 by Craig Duffield
Pledgers 27
2022-08-13 01:57:39 +1200
2022-08-09 16:55:11 +1200
"This is going to be exciting!! "
2022-08-08 19:04:46 +1200
"Great local team! Great Global Project! Lets simplify crypto payments!"
2022-08-06 18:35:51 +1200
2022-08-06 16:01:16 +1200
2022-08-06 10:27:39 +1200
2022-08-05 19:28:26 +1200
2022-08-05 12:12:35 +1200
"Good luck!"
2022-08-05 10:50:18 +1200
2022-08-05 10:30:17 +1200
2022-08-05 10:16:50 +1200
"All the best with your funding"
2022-08-05 09:46:24 +1200
2022-08-05 09:37:41 +1200
2022-08-05 09:21:02 +1200
2022-08-05 09:16:04 +1200
2022-08-04 11:56:16 +1200
2022-08-01 02:55:37 +1200
2022-07-31 20:34:33 +1200
"Imagine investing in Paypal, Google or Amazon before they became what they are today. Well this is that opportunity!!!"
2022-07-31 12:35:58 +1200
2022-07-31 04:51:04 +1200
"PIN ROCKS!!! McDClan"
2022-07-30 08:28:43 +1200
2022-07-30 03:30:38 +1200
2022-07-30 02:19:04 +1200
2022-07-29 23:45:07 +1200
2022-07-29 22:42:28 +1200
2022-07-29 19:59:41 +1200
Followers 17
Followers of Takeoff Media Ltd (Pay It Now NZ)
Takeoff Media Ltd (Pay It Now NZ)
A Note From The Founders
Pay It Now (PIN) was founded on a friendship between two former aviation colleagues. When Covid struck the world in 2019, we were made redundant from large International airlines. With both of us having a background in Cryptocurrency trading and mining, we discussed starting a business together.
We realised there was a gap in the market for simple and secure cryptocurrency payments for store and website owners. We set out to fix some of the current issues in the cryptocurrency sectors; we saw that crypto was slow and expensive to use, making small purchases like buying a coffee unaffordable.
To fix these problems, we created our own Layer 2 solution to allow our customers to complete transactions in less than a second without any expensive transaction fees, and the PIN Network was created.
From there, additional products like PIN Payments, PIN Rewards, PIN-FT, and PIN Data have been gradually added to the PIN Network, which has allowed PIN to become one of New Zealand's leading blockchains companies. Now it is time to raise capital through PledgeMe to expand our products to the global markets and introduce PIN to the world.
We are excited to have you on as a potential investor and part of the pioneering Pay It Now team.
Company Overview
Takeoff Media Limited is the ultimate holding company, and 100% shareholder of its subsidiary: Pay It Now NZ.
Our product Pay It Now (PIN) is a payment, reward and data storage system that utilises blockchain technology to achieve instantaneous transactions with low fees and secure data storage that provides an alternative to traditional cloud storage.
Our Mission
To incorporate cryptocurrency services into the daily activities of businesses and customers by providing innovative, simple, secure, and rewarding services that increase the mass adoption of cryptocurrency through PIN’s unique payment, reward, and data solutions.
Our Vision
To increase accessibility and usability of blockchain for all age demographics on a global scale by being the go-to solution for payments, rewards, and data.
Why Choose PIN, And Why Invest In Us?
We believe PIN is novel because:
Company Timeline
Our Key Products & Services
Coming Soon...
Sustainability
During our research, we found several articles relating to the energy consumption of Bitcoin being very high globally, but compared to the other sources listed in the chart, the figures speak for themselves.
Pay It Now has further reduced energy consumption compared to Bitcoin. The PIN network system uses significantly less energy due to our proof of history consensus. Our servers use the equivalent power of a high-end gaming PC, which is around 1400 kWh per year*.
*McCook, H. (2021, May 4). A Comparison Of Bitcoin’s Environmental Impact With That Of Gold And Banking. Nasdaq.
*Hayden, L. (2021, November 15). How Much Power Does a Gaming Computer Use? (Updated!). The WiredShopper.
Competitor Analysis
PIN Payment is a blockchain-based payment gateway that uses numerous digital currencies and could be compared to PayPal, Stripe, or Worldpay of cryptocurrency.
PIN Payment will attract shops by only charging 0.5% per transaction, which is significantly lower than PayPal at 3.5% + 30c per transaction, Stripe at 2.9% + 30c per transaction, and Worldpay at $38 for regular services and $92 for advanced services per month, for transactions. These alternative payment channels are expensive for merchants. Businesses will enjoy PIN Payments at much lower transaction fees when compared to the payment mentioned above channels.
Current forum, website and instore reward systems do not allow owners to compensate loyal members for providing content and engaging in their community. For example, Fly Buys and Air Points, well-known in New Zealand, provide a choice of items and services in exchange for being loyal customers at hundreds of retail stores countrywide but do not allow those rewards to be cashed out. Other reward systems do not help consumers since they involve too much spending or don't provide enough items to spend reward points on.
Presently, no incentive system delivers users cryptocurrency along with the other benefits of lower merchant fees, no gas fees, reflections, and rewards utility, leaving a market gap for PIN Rewards. PIN tokens may be exchanged for cash, cryptocurrencies, or products or services in establishments that have accepted the PIN network, making the PIN rewards system more than a loyalty programme. By letting consumers select between products, services, and fiat, businesses implementing the PIN ecosystem could gain devoted customers. The table below gives a breakdown comparison.
Proposed Strategic Growth Plan
Share Classes
Shares issued through this crowdfunding will be non-voting investor shares, ranking equally with all other existing non-voting investor shares and carrying the rights listed below. Takeoff Media Limited is what this share offer pertains to. Takeoff Media Limited is a holding company of Pay It Now NZ Limited. The shareholders have:
- the right to an equal share in dividends and other distributions* made by Takeoff Media Limited (subject to the rights of any other class of share).
Please refer to the company constitution and shareholders agreement for more information.\
Returns
Our capital allocation strategy is to reinvest into value-creating projects, thus dividends and other distributions are unlikely to be a part of our cash flow allocation strategy for the first 3 years.
Proposed Use Of Funds
Share Offer - Summary
The shares offered are in Takeoff Media Ltd, an ultimate holding company of Pay It Now NZ Ltd.
This offer equates to a total stake of between 1.5% and 13.3% of the business at a pre-money valuation of NZD$13,000,000.
Takeoff Media could potentially capital raise again within the next 3-5 years which could lead to dilution. Please consult the company constitution and shareholders agreement for further information.
Capitalisation Tables
Pre-Raise Takeoff Media Ltd
|
Person |
No. of Shares | % Ownership |
| Jitendra Maharaj | 5,200,000 | 40% |
| Anna Duffield | 5,200,000 | 40% |
| Employment Shares Scheme | 2,600,000 | 20% |
| Total | 13,000,000 | 100% |
Post-Raise Takeoff Media Ltd
If Minimum $200,000 is Raised
| Person | No. of Shares | % Ownership |
| Jitendra Maharaj | 4,870,000 | 36.9% |
| Anna Duffield | 4,870,000 | 36.9% |
| Trenton Stanley | 660,000 | 5.0% |
| Employment Shares Scheme | 2,600,000 | 19.7% |
| New Investors | 200,000 | 1.5% |
| Total | 13,200,000 | 100% |
If Maximum $2,000,000 is Raised
| Person | No. of Shares | % Ownership |
| Jitendra Maharaj | 4,825,000 | 32.2% |
| Anna Duffield | 4,825,000 | 32.2% |
| Trenton Stanley | 750,000 | 5.0% |
| Employment Shares Scheme | 2,600,000 | 17.3% |
|
New Investors |
2,000,000 | 13.3% |
| Total | 15,000,000 | 100% |
Valuation
Valuation method
Our company valuation came as a result of a deep quantitative and qualitative analysis. We aimed to take a conservative approach, preferring to undervalue rather than overvalue the company.
Qualitative analysis
Information was researched and formed after consulting with several New Zealand Government entities to get a better understanding on how to valuate a company.
Comparative research was also undertaken to understand the valuation entry points of competing companies.
Quantitative analysis
To perform a quantitive valuation of our company, we used a Discounted Cash Flow model (DCF).
- We forecasted our financials 5 years into the future (2023-2027), ensuring to be on the conservative end with our assumptions.
- Forecasted Unlevered Free Cash Flow for years 2023-2027.
- The discount rate used was the Weighted Average Cost of Capital (WACC)-WACC used was 17%
- The net present value of 5yr Unlevered Free Cash Flow discounted to our WACC was then multiplied by a conservative-end terminal EBITDA multiple (3.0x) for both total Enterprise Value and total Equity Value.
The average was taken of all final values to give us our final valuation of approx. NZD$13m.
Pay It Now Team
Risks and Mitigations for Pay It Now
Blockchain technology is becoming more widely adopted globally, however, there is a lot of speculation when the topic turns to cryptocurrency.
Cryptocurrencies are volatile assets that can rapidly change prices due to doubt caused by large organisations such as governments. While many cryptocurrencies add to the doubt about blockchain, many more have the potential to improve human life altogether.
In order to reduce the doubt about cryptocurrency and any adverse effects that follow, PIN has become an official financial service provider. This gives potential onboarded businesses more confidence in the payment gateway. PIN has analysed the following risks as the most crucial:
|
Risk |
Mitigation |
|
Free crypto affecting price and liquidity: Rewards will be distributed in PIN tokens, resulting in tokens being sold for profit, affecting the liquidity pool and price.
|
Although this will be a daily occurrence, retailers will be staking tokens, increasing prices and decreasing supply. PIN will also be allocating part of the PIN Data subscription fee to the token's liquidity. In addition, an unbridging fee will be collected before the tokens are moved off layer-2, thus increasing PIN price by regular buybacks and rejuvenating the PIN Rewards network.
|
|
Volatility of the crypto market: Prices change rapidly daily and may hinder some businesses from adopting PIN payment.
|
To stop companies from selling goods below the price they wish, retailers will be able to cash out a digital version of the local currency. In the future, PIN aims to create a stablecoin that will further protect businesses in times of market volatility.
|
|
Dilution risk: Dilution may occur if Pay It Now decides to raise additional capital in the future, issue new shares to investors and give the option of grants to employees.
|
Takeoff Media will position the company to minimise future capital raising by minimising expenditure, overheads and debt. while maximising revenue. |
|
Government Regulation of Cryptocurrency: Increased government regulations come with increased financial costs as a risk to the company.
|
Current regulations for the cryptocurrency market are aimed at AML/CFT compliance, for which we are compliant. Takeoff Media plans to stay proactive in staying up-to-date with any upcoming regulation changes and reacting early to stay compliant. |
|
Loss of Key Personnel: For Takeoff Media, our source code is highly secure with minimal staff access, to reduce cyber security threats. This creates a risk if there is a sudden loss of key personnel.
|
Takeoff Media has implemented several safety measures to allow for two forms of back up of the source code to mitigate this risk. |
Warning Statement
This document has been prepared by Takeoff Media Limited. The purpose of this document is for information in relation to the Takeoff Media Limited share offer on PledgeMe. All efforts have been made to ensure the accuracy and reliability of the content as of the date of this document.
PledgeMe is licensed and regulated by the Financial Markets Authority, and the share offer made by Takeoff Media Limited will only be available for acceptance through the PledgeMe website.
Equity crowdfunding is risky. Issuers using this facility include new or rapidly growing ventures. Investment in these types of businesses is very speculative and carries high risks. You may lose your entire investment and must be in a position to bear this risk without undue hardship. New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision. The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.
Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.
A note from PledgeMe
We have completed IQ Connect checks on Takeoff Media Ltd, and their Directors, as well as Google and Insolvency checks. There were no adverse findings.
Over a Quarter of the way there!
09/08/2022 at 4:10 PM
Woohoo, 25%!
We would like to take this opportunity to thank all our pledgers who have helped us get over the 25% mark of our minimum investment required! We are glad to have you be part of our Pay It Now journey.
We still have a wee way to go, so it would be fantastic and helpful if all our supporters could share our campaign with all your friends and networks to help us reach our goal and beyond.
An article on Pay It Now and our Pledge Me campaign has been published today in New Zealand Entrepreneur. Please check it out in the link below and share it around!
Once again, we thank you for your pledges, unending support, and Aroha.
Ka Kite
The Pay It Now Team.
Off to a good start!
03/08/2022 at 7:10 PM
Our Pledge Me campaign is off to a good start!
We thank our first investors and everyone who supports who we are and what we do at Pay It Now.
The road ahead is our journey, and our first investors have gotten us to nearly 20% of our minimum raise.
We need your help to spread the word around and share our campaign with anyone you know who would not want to miss out on an opportunity to invest in Pay It Now.
With your help and support, I know we can get to our minimum and beyond and help Pay It Now achieve its goals.
Thank you once again, and all the best!
The Pay It Now Team
P.S. An article about our Pay It Now crowdfunding campaign will be featured in the NZ Entrepreneur newsletter next week! Details to follow in the next update....
Offer Details
| Current Valuation | 13,000,000 |
| Raise Minimum | 200,000 |
| Raise Maximum | 2,000,000 |
| Share Price | 1.00 |
| Minimum Pledge | 250.00 |
| Maximum Shares Offered | 2,000,000 |
Explanation of valuation:
We used a Discounted Cash Flow model (DCF) to value our company.
We forecasted our financials 5 years into the future (2023-2027), ensuring to be on the conservative end with our assumptions.
We forecasted Unlevered Free Cash Flow for the years 2023-2027.
Used 5yr forecasted Unlevered Free Cash Flow to build Discounted Cash Flow (DCF) model.
The discount rate used was the Weighted Average Cost of Capital (WACC)
- WACC used was 17%
The net present value of 5yr Unlevered Free Cash Flow discounted to our WACC was then multiplied by a conservative-end terminal EBITDA multiple (4.0x) for both total Enterprise Value and total Equity Value.
The average of all final values was taken to give us our final valuation of approximately NZD$13M.
The Financial Summary
The Financial Summary assumes a capital raise of $2,000,000 NZD, allowing rapid global expansion. The global expansion rate is reduced proportionally if the total amount is not raised, reducing operational cost and loss/profit estimates.
PIN Partner Growth Rate
Assumes we achieve our goal growth rate of 50+ PIN Partners per month.
% Crypto transactions
Assumes a consistent average monthly turnover of PIN Partners
Increase in crypto transaction volume of 0.125% MOM.
AUS/UK/US expansion date assumptions
Enter Aus market Sep 2022
Enter USA & UK market Jan 2023
PIN Data, PIN Swap, and PIN-FT are not included in the forecast.
Financial Summary
| Prev Year | Current Year | Est. FY 2024 | Est. FY 2025 | |
|---|---|---|---|---|
| Revenue | NZ $30,039 | -NZ $282,255 | NZ $2,711,725 | NZ $7,799,349 |
| Operating Expenses | NZ $204,242 | NZ $1,963,554 | NZ $4,110,730 | NZ $5,722,754 |
| EBITDA | -NZ $174,203 | -NZ $2,245,809 | -NZ $1,399,005 | NZ $2,076,595 |
| Net Profit | -NZ $174,203 | -NZ $2,245,809 | -NZ $1,399,005 | NZ $2,076,595 |
Company Details
Company Name: Takeoff Media Limited
Company Number: 9429050716579
Company Documents
Takeoff_Media___Pay_It_Now_-_information_memorandum.pdf
(application/pdf, 5.46 MB, uploaded 28 July 2022)
Shareholders_Agreement_-_Takeoff_Media.pdf
(application/pdf, 10.9 MB, uploaded 28 July 2022)
Pay_It_Now_NZ_CoyExtract_8128546_26July2022.pdf
(application/pdf, 746 KB, uploaded 25 July 2022)
Pay_It_Now_NZ_CertIncorporation_8128546_26July2022.pdf
(application/pdf, 589 KB, uploaded 25 July 2022)
Takeoff_Media_Ltd_CoyExtract_8128546_19July2022_Pay_It_Now_NZ.pdf
(application/pdf, 392 KB, uploaded 24 July 2022)
TakeoffMedia_Ltd_CertIncorporation_8426486_20July2022.pdf
(application/pdf, 588 KB, uploaded 24 July 2022)
Constitution_PIN_TMA_220722.pdf
(application/pdf, 252 KB, uploaded 21 July 2022)
Pay_It_Now_(PIN)_-_Balance_Sheet.pdf
(application/pdf, 37.4 KB, uploaded 20 July 2022)
Director Details
| Name | Role | Profile URL | Invested? |
|---|---|---|---|
| Craig Duffield | Director | https://www.linkedin.com/in/craig-d-b675651b7/http:// | ✔ |
| Jitendra Maharaj | Director | https://www.linkedin.com/in/jitendra-maharaj-4049a2ab/ | ✔ |
Ask a Question (You must login to ask a question)
You obviously don’t know about the bitcoin lightning network.
Posted on 10-08-2022 by JamesHi James
Thank you for your question. Yes, we are fully aware of the Lightning Network.
We encourage you to research our PIN Network to see how we differ, in our view for better, from the Lightning Network.
The most significant point of difference is Pay It Now (PIN) removes the volatility of the cryptocurrency market from the merchant to protect the price of the sale by instantly converting the transactions into local currency, which is then directly deposited in the merchant's bank account. This means the customer can use their cryptocurrency, and the merchant has the option to receive local currency or change their sales into a cryptocurrency of their choice.
We created this system after extensive and thorough market research and scoping our potential customers. We found that most businesses are hesitant to accept cryptocurrency due to the volatility of the cryptocurrency market, lack of knowledge, and tax implications due to losses and gains. However, when we discussed receiving money directly into their bank account and how our system would create a new generation of customers for their stores, the majority had their concerns eased and they signed on to the PIN Network. Being the first business from New Zealand and in New Zealand gives our customers and clients added confidence in their decision to join our network, amongst other reasons such as gaining a whole new generation and range of paying customers.
There are several other differences between the PIN Network and the Lightning Network, and you can find all this information at www.payitnow.io
If you have any further questions, please do not hesitate to contact us.
The Pay It Now Team
Answered on 10-08-2022 by Craig Duffield
Do you anticipate paying dividends? and if so when do you estimate starting paying dividends to shareholders?
Posted on 09-08-2022 by CamiaHi Camia,
Thank you for your question, we are currently in the growth phase of the business and are forecasted to turn profitable from FY2025. We estimate to be paying out dividends from FY2025 to our shareholders.
If you'd like anymore information, please feel free to contact us via our website.
Regards,
The Pay It Now Team.
Answered on 09-08-2022 by Craig Duffield
A question from a layman: In the longterm, do you think that your platform can be merged with existing infrastructure such as credit cards etc and then leverage off eftpos machines and the likes? The app and tech are great but requiring a different infrastructure is a barrier for now. In the long run I'd love a passive way to pay with my crypto which would make it feel much more familiar (ie no phones, just tap and go on a credit card) or will this tech be forever based on live market values of crypto and the app is essential to establishing what things cost as you want to make purchases. Thanks
Posted on 06-08-2022 by BrianHi Brain
What great questions these are, and thank you for asking them, as it promotes additional information sharing for aspects we have not talked about in our IM.
Pay It Now (PIN) has integrated with two point of sales software providers (Pos Perfect and Salespoint) and is now in talks with two more. The integration was a relatively straightforward task for these providers because, apart from the UI design, their software only needs to hit our APIs. Their software systems talk with our PIN Network to generate a QR code for the user to scan to complete the transaction. Check out this link to see this in action https://fb.watch/eJCjFO2DJl/
We are currently in talks with two EFTPOS providers in New Zealand about integration with their systems, which is an easy process to implement.
Another piece of tech that has just been started at PIN is a Progressive Web App, so merchants can download our POS system on any computer allowing merchants to use the PIN system on their existing counter computer till system.
We are looking at two options to create PIN NFC cards and a New Zealand-based credit card option. The only issue we see with credit cards is the additional fees because one of the PIN Network's points of difference is our super cheap merchant fees of 0.5%. Existing cryptocurrency credit cards charge around 2.9% and scalp the users with exchange fees.
We also have POS PDA devices to lease to a merchant or purchase. This week we took delivery of an ATM which we are testing to see if we can implement the PIN Network.
So as you can see, we plan to continue developing our tech to make it easier for merchants and users to use cryptocurrency in stores or online.
Answered on 06-08-2022 by Craig Duffield
Craig Duffield is one of the two company founders but he is not a shareholder. Why is that?
Posted on 05-08-2022 by CristianHi Cristian, my wife Anna Duffield is one of the major shareholders of the company.
Regards
Craig Duffield
Answered on 05-08-2022 by Craig Duffield
What does a customer need to do to make their first purchase using PIN?
Posted on 05-08-2022 by Terry WoodsHi Terry, Great question!
The customer would need to download the PIN Network App and sign up as a PIN Personal User. If they have existing cryptocurrency in other wallets they can bridge them over to their PIN wallet or buy cryptocurrency from within the PIN App. The acceptable cryptocurrencies are listed on the PIN app and website. After the customer is set up, they are ready to make a payment from the "Payments" option, which allows them to scan the QR code generated on the Merchants device and the funds are instantly transferred from the User wallet to the Merchant wallet in local currency value, which would be NZD in NZ. The whole sign up process take just a few minutes for the user.
The app can be downloaded from www.payitnow.network
I hope this answers your query. Please feel free to contact us from our website for more information.
Regards,
The Pay It Now Team.
Answered on 05-08-2022 by Craig Duffield
Can you provide a simple description of what's involved to start accepting payments using PIN? eg install app, configure, etc. Are there sign up fees or monthly fees, or is it just a % transaction fee?
Posted on 05-08-2022 by Terry WoodsHI Terry,
To sign up as a PIN business account user you can visit the website www.payitnow.network and click on the "Business" link. From there you can click "Apply now" which takes you to the business application online form. Once the details are filled in, we receive a notification and the staff set you up with a PIN Partner account on our network. We then immediately email you your Business ID and User Name. The business user then downloads the App and logs in the "Business" option with the ID and User name provided. They can set up their own password after the first login. Thats it! The business owner is now set up to transact on the PIN Network. They can now enter in a new transaction and generate a QR code for a PIN customer to scan and pay instantly.
There are no sign up fees or monthly fees. a 0.5% per transaction fee is all the PIN Business user pays!
I hope this answers your query. Please feel free to contact us via our website for more information.
Regards,
The Pay It Now Team.
Answered on 05-08-2022 by Craig Duffield
Followers of Takeoff Media Ltd (Pay It Now NZ)
2022-08-13 01:57:39 +1200
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"This is going to be exciting!! "
2022-08-08 19:04:46 +1200
"Great local team! Great Global Project! Lets simplify crypto payments!"
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"Good luck!"
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"All the best with your funding"
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"Imagine investing in Paypal, Google or Amazon before they became what they are today. Well this is that opportunity!!!"
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"PIN ROCKS!!! McDClan"
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