Priyo launches crowdfunding campaign

Priyo Incorporation (USA) is launching a crowdfunding campaign to fund various initiatives, including expanding its online payment platform Priyo Pay, establishing a training centre called Priyo Academy to enhance youth skills, providing credit cards to Bangladeshi students in the United States, and creating a cross-border commerce platform to sell Bangladeshi products in the US market.

As part of this campaign, the company seeks 247 Bangladeshi angel investors.

Priyo Pay has already gained significant traction among freelancers and remote professionals. It allows users to quickly receive payments in dollars directly from various marketplaces, clients, and institutions like Upwork, Fiverr, and Amazon. Users can also conveniently convert dollars to Bangladeshi taka and withdraw funds to any bank in real-time at a low cost. To expand the reach of Priyo Pay's services, the company has announced a crowdfunding initiative to raise capital.

Zakaria Swapon, Founder and CEO of Priyo Incorporation, said, "Priyo Incorporation is primarily an American company. In Bangladesh, we have conducted various experiments, particularly focusing on areas 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 time to scale it up. This includes establishing a quality call centre in Bangladesh, integrating with 10 more banks, onboarding more freelancers, and hiring a skilled workforce. Additionally, we will be launching new programs such as popularising the platform among Bangladeshi expatriates (so they can use it to send money home), providing credit cards to students studying in the US, offering 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 how the investment funds will be utilised, Swapon stated, "Priyo is an umbrella organisation. Under it, we are developing several services aligned with the company's vision. Priyo Pay is one such service. The company aims to undertake five key initiatives for the youth of Bangladesh. Apart from Priyo Pay, these include Priyo Academy, Priyo Services, Priyo Commerce, and Priyo Foundation."

Swapon added, "We are currently offering investment opportunities to 247 individuals. In the future, we will move towards venture capital. Before that, we want to strengthen our company through crowdfunding. Since Priyo is an American company with certain rules and legal protections for investing in the US, we have decided to have 'AngelList' manage the entire process."

Swapon said investors will receive shares (SAFE notes) in Priyo Incorporation and enjoy benefits such as special credit card facilities, free dollar transfers to Bangladesh for the next two years, the option to sell shares after one year, elite membership benefits, and potential dividends by 2026.