Kingston, Jamaica- After receiving a recent first round of funding from local investors, Billodex has set out on developing an online payment system initially targeting the online ticket sales market in the Caricom region. While Billodex must first gain the trust of potential customers, they intend to provide a solution to the problem of ticket scalping and also a convenient way for patrons to purchase tickets for events.
Currently their lead team consist of Sandra Kenton Fraser(Company Secretary), Aundrhae Richardson (CTO and D’Andre Fraser as CEO. Sandra was the Executive Director for Upliftment Jamaica, a US based non profit. She also play an important role in multiple entrepreneurial ventures ranging from retail to education. Aundhrae started his first business KLM entertainment, at the age of 17. KLM entertainment did event consultation along with hosting many events. He also started the Coco place restaurant in 2013 before selling his shares shortly after and starting KLAR construction and development company.
The company’s name came from the word ‘rolodex’. Initially the app was supposed to allow individuals to pay bills from their smartphone hence the ‘bill’ in ‘Billodex’. The idea actually came about in April 2012 while two students at the University of West Indies Mona joked about the convenience of being able to purchase phone credit from an app. D’Andre decided to pursue the idea by doing informal feasibility studies but was unable to act on the idea until the summer of that year due to his exams. The idea was shelved shortly after because he thought that buying credit was not enough and lacked appeal and relatability to pursue on a global scale. D’Andre have been an event planner since the age of 16 and had been exposed to the disadvantages of traditional paper ticketing methods. So he decided to apply the idea to ticketing in general.
Billodex believes the market is sufficiently advanced to take advantage of its product or service. They highlighted that the local online ticket market is fairly new but growing daily.” The global market for online ticketing is in excess of 10B USD, hence this serves as a huge motivation for us moving forward”, D’Andre noted. They also highlighted some challenge in accessing funding: “There were VERY limited Investors and in addition not many had the vision that we had. Many were manufacturing focused which made it hard for us to make an impression when pitching to them”, he stated.
In closing He went on to advise that startups seeking funding should get their financials on point and do in depth research when developing their pitch. One can definitely look forward to Billodex as a leader in online payment with the region and perhaps even a major competition to companies like Paypal.