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Mobile Money, Secure and Simple

EXECUTIVE SUMMARY

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Ezuza is a mobile money services provider founded primarily to help cash-based consumers in emerging markets more effectively manage their day-to-day finances using their mobile phones. Ezuza first launched in one of the world’s largest emerging economies: Mexico, where 95% of consumer transactions are still cash-based.

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LIFE AS A CASH-BASED CONSUMER :

Nearly 2.2 billion adults in emerging markets don’t use banks to save or borrow money, or carry out everyday

financial transactions.1 Known as the unbanked, these consumers rely instead on cash on hand and short-term

loans from friends, family, and other informal lenders to pay for their daily needs. Many of these consumers are

looking for a secure, simple, convenient, and affordable way to pay bills, buy groceries, save money, and access

financing. Conventional banks don’t address the financial needs of this market. Ezuza does.

THE SOLUTION :

Ezuza goes where conventional banks do not. Ezuza’s mobile money solution connects cash-based consumers

with a network of Ezuza Agents and Merchants—typically, influential and trusted community members who

own tiendas, mom and pop stores, and similar small businesses. Through this network, customers conduct

secure financial transactions using their mobile phones.

UNDERSTANDING THE EZUZA MOBILE MONEY BUSINESS MODEL :

Anyone can join Ezuza for free using a basic feature phone with the dominant carrier or a smart phone. Users

simply sign up at an Ezuza Agent location and preload their new mobile money accounts with a minimum of

$100 MXN (less than $10 USD). Once they’ve joined Ezuza, customers can immediately use their phone(s) to

send money to friends and family, pay bills, and even pay for important events and memorable occasions like

weddings and birthdays. Customers pay a small fee for most transactions—on average 1.5%—which Ezuza

shares among various members of the Ezuza ecosystem based on the transaction type.

1 “Half the World Is Unbanked,” McKinsey & Company, 2009.

adults don’t use banks2.2B

$100 MXN

Pay Bills Send Money

Shop Cash InCash Out

Top-UpAirtime

Secure financial transactions

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TECHNOLOGY :

Once expensive status symbols, mobile phones have become ubiquitous even in the least developed countries.

The Ezuza mobile money platform is built specifically to meet the needs of the substantial number of mobile

phone users who don’t use banks. By leveraging technology already owned by most of its target customers—

smartphones and basic feature phones—Ezuza broadens its market potential and satisfies consumer demands

for a convenient, easy-to-use, and affordable way to conduct day-to-day financial transactions. For the back

end, Ezuza’s technology relies on an open architecture platform that integrates easily with existing mobile and

banking networks, maximizing Ezuza’s growth and expansion potential in Mexico and beyond.

GOING TO MARKET IN MEXICO :

With limited banking and payments infrastructure, and high mobile phone penetration, Mexico is the ideal

testbed for mobile money. An estimated 75% of the population is considered unbanked, underbanked, or

financially excluded, creating a huge market opportunity for a mobile money services provider like Ezuza

that understands and addresses the financial needs of this segment of the population.

COMPETITIVE LANDSCAPE :

Most Ezuza competitors in the mobile money and mobile banking space have focused almost exclusively on the

technology of mobile money and on providing a new access channel for their existing customers, while ignoring

the needs and behaviors of the much larger market that the unbanked represent. In essence, providers haven’t

stepped up with solutions to the real problems that cash-based consumers face. By contrast, Ezuza understands

that this market is not looking to be banked. They’re interested in affordable, reliable solutions that make

managing their day-to-day finances more convenient, less expensive, and safer. Ezuza has spent the past six

years studying the financial needs of these consumers and understanding the roles that cash and mobile phones

play in their daily lives. Ezuza has simultaneously put in place the key building blocks to create a better mobile

money solution compatible with these consumers’ existing lifestyles.

75% of Mexico’s populationis unbanked

Mobile money platform

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MILESTONES :

• Ezuza successfully launches v0.5 (top-ups use case) in Puebla, Mexico

• Agreements with the two largest mobile operators in Latin America–América Móvil and Telefónica Movistar– collectively representing morethan 90% of the Mexican mobile market

• Contract with CFE, Mexico’s national electrical utility company

• Investments from 21st Century Fox and INVEX

• Grant from Inter-American Development Bank following a regional competition

• Over 2,500 Ezuza Agents and Merchants recruited in the state of Puebla

FINANCIAL OVERVIEW :Ezuza projects total revenues of $1.1 million USD in its first year of operations as it establishes its user base,

with cumulative revenue totaling $273 million USD by year five. Transaction fees will account for the bulk

of this revenue, with the remainder (5% on average) coming from interest income.

$273MM in total cumulativerevenues by year five

90% of the Mexican mobile market

Representing more than

FINANCIAL PROJECTIONS

Revenue

EBITDA

(Millions of US dollars)

Year 1

1.1

-0.9

5.9

-0.9

19.9

-0.1

62.5

4.3

184

14.3

Year 2 Year 3 Year 4 Year 5

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FUNDS SOUGHT :

Ezuza is seeking $3.0 million USD to complete release v1.0 of its mobile money product and expand

operations both in and beyond Puebla. New features will include peer-to-peer (P2P) money transfers,

in-store purchases, bill payments and international remittances. The funds will allow Ezuza to break even

within 36 months and reach positive cash flow in Mexico.

GLOBAL MARKET POTENTIAL :

The opportunity to do for mobile payments what PayPal did for online payments is here for the taking, and

strongly favors a mobile money services provider like Ezuza operating in a major emerging market. Mexico

boasts the second largest economy in Latin America, with a 2012 gross domestic product (GDP) of $1.8 trillion

USD. Processing the equivalent of 32% of Mexico’s GDP through a mobile wallet—as the mobile payments

company M-Pesa is already doing in Kenya—would represent $576 billion USD per year in Mexico alone. With

success in Mexico, and a technology that is scalable and interoperable at a global level, Ezuza will be in a prime

position to expand beyond Mexico into other emerging markets with similar gaps and opportunities in their

financial services sectors.

$576B

$3.0MM

USD per year in Mexico alone

for expansion and development

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THE TEAM :

Monique Maddy is the founder, president, and CEO of Ezuza. A seasoned entrepreneur, Monique has

successfully launched multiple mobile and telecommunications companies in Africa, including ACG Telesystems

Ghana, which was sold to Celtel in 2007 in a deal valued at $160 million USD. Abhishek Choudhary is Ezuza’s

Product Manager. He is a former William J. Clinton fellow, and has extensive project management experience

in emerging markets, in India in particular. Diane Stohl is responsible for Ezuza’s Finance and Administration.

Prior to Ezuza, she spent several years as a risk analyst at various banks in Germany. Peter Crosby leads Ezuza’s

technology integration with third parties, including mobile operators, banks, and other partners. Gerardo Ceballos

is Ezuza’s Sales and Operations Manager. Prior to Ezuza he spent five years at Procter & Gamble building

distribution channels similar to the Ezuza Agent network structure. Victor A. Trujillo is Ezuza’s advisor on matters

pertaining to banking and payments regulation, and financial inclusion.

Having established key alliances with mobile network, banking, and technology partners, as well as having fulfilled key regulatory requirements, Ezuza reached an exciting milestone in September 2013: it released v0.5 of the Ezuza mobile money platform, activating the initial group of Ezuza Agents who are now executing thousands of transactions a month. Ezuza will use the newly invested capital to expand the Agent network and to release v1.0 of the mobile money platform, including the core mobile money wallet. To learn more about this exciting market opportunity, please contact Monique Maddy at monique.maddy@ezuza.com.

Mobile Money, Secure and Simple

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