Priyo Incorporation (USA) has announced the launch of a crowdfunding campaign to support its ambitious growth plans. The campaign aims to fund several key initiatives, including: expanding Priyo Pay, its large-scale online payment platform; establishing Priyo Academy, a training center focused on upskilling young people; issuing credit cards to Bangladeshi students in the United States; and developing cross-border commerce to sell Bangladeshi products in the US market. As part of this initiative, Priyo is seeking 247 Bangladeshi angel investors.
Priyo Pay has already gained significant traction among freelancers and remote professionals. It allows them to easily receive payments in dollars directly from various marketplaces like Upwork, Fiverr, Amazon, and individual clients. They can also conveniently convert dollars to Bangladeshi taka and withdraw the funds to any bank in Bangladesh in real-time at a low cost.
With this crowdfunding campaign, Priyo aims to expand its services, including integrating with more banks, increasing workforce capacity, and promoting the platform among Bangladeshi expatriates in the U.S.
Zakaria Swapon, Founder and CEO of Priyo Incorporation, said, “Priyo Incorporation is an American company. In Bangladesh, we have conducted various experiments, focusing on initiatives that can positively impact the lives of millions of people. Priyo Pay is one such initiative. Our fintech service is performing well, and it’s now time to scale it up. For example, we plan to establish a robust call center in Bangladesh, integrate with 10 more banks, onboard more freelancers, and hire a larger workforce. Additionally, we will introduce new programs such as popularizing Priyo Pay among Bangladeshi expatriates in the US (enabling them to send money home using the platform), issuing credit cards to students studying in the US, providing loans to freelancers if needed, and launching the service in countries like Canada, Europe, Saudi Arabia, and the UAE.”
Swapon further explained, “These initiatives require investment. Therefore, we are seeking to raise capital through crowdfunding. If necessary, we will approach institutional investors in the next stage. The minimum investment to become an angel investor is $5,000.”
When asked about how the investment funds will be utilized, Swapon stated, “Priyo is an umbrella organization. We are developing several services under this umbrella that align with our company’s vision. Priyo Pay is one such service. We aim to accomplish five key objectives for the youth of Bangladesh. One of them is Priyo Pay. The other four are:
- Priyo Academy: To enhance the skills of freelancers, enabling them to earn more and stay updated with the latest technologies. We plan to establish an institute and an AI lab for upskilling.
- Priyo Services: To launch a marketing firm in the US, which will acquire larger projects and engage Bangladeshi individuals to work on them, creating job opportunities.
- Priyo Commerce: To provide a cross-border commerce platform for Bangladeshis who engage in dropshipping, selling on Amazon, Walmart, and TikTok, or exporting their products to the US.
- Priyo Foundation: To establish a foundation as a social responsibility initiative. This foundation will provide free technology education and other opportunities to underprivileged students to empower them.”
Announcing the opportunity for 247 individuals to invest in Priyo, Zakaria Swapon said, “In the future, we will seek venture capital. However, we want to strengthen our company through crowdfunding before that. Priyo is an American company, and there are certain rules and legal protections for investing in the US. Therefore, we have decided to AngelList to manage the entire process.”
Regarding the benefits for investors, Swapon stated, “Investors will receive shares (SAFE notes) in Priyo Incorporation. One of the common questions about investment is the valuation of the company and the number of shares one can acquire. Those familiar with the US startup ecosystem may have heard of Y Combinator. They have created an excellent legal framework called SAFE (Simple Agreement for Future Equity). In simple terms, you will be given equity in the future, and a simple agreement will be signed to this effect. When a company needs investment, it often opts for the SAFE mode because the valuation of the company cannot be determined immediately. Valuation is a process, and different companies have different methods. Since the valuation cannot be determined now, but investment is required, you will be offered a special discount to provide you with a gain. This is why companies, when they are small, often opt for SAFE investments. In this case, a 15% discount will be offered, and the maximum value or valuation will not be set.
Additionally, investors will receive a special credit card with a credit limit of up to 80% of their investment amount. They can send money to Bangladesh for free for the next two years. After one year, they can sell their shares if needed. They will also enjoy elite membership benefits, including the formation of a special cell to provide assistance within the country. By 2026, potential profits or dividends will be shared with investors. You will have the opportunity to become a proud partner of Priyo, as this opportunity will not be available in the future.”
However, not everyone can invest. Interested individuals will be evaluated by Priyo. To express interest, individuals should send an email to invest@priyo.com with their details such as name, address, business/professional information, phone number, LinkedIn profile (if any), and the desired investment amount. The deadline for investment is January 31, 2025. For more information, visit www.priyo.com/invest
While not everyone can invest in the US, this process is relatively straightforward as it is a private placement. There’s minimal paperwork involved, and everything can be done online. AngelList will manage this entire process. For more information on investment, you can visit https://help.angelliststack.com/fundraising/ruv/managing-investors#how-easy-is-it-for-investors
Priyo CEO Zakaria Swapon concluded by saying, “You can be a sincere friend and companion on our journey. We have undertaken initiatives that require investment to scale. We could have gradually made profits and then sought bank loans to fund these projects, but that would have taken a long time. To scale these initiatives quickly, we need people who are willing to take some risks and invest. That’s why we are crowdfunding, so everyone can share a small risk. We hope that by finding 247 such individuals, we can significantly accelerate our work.”