Vertical: Digital Currency / Blockchain
Tallysticks is an experiment. It is an experiment of thinking. It’s an experiment of discovering what privately-owned businesses want from banking institutions. Do they want better customer relations? Do they want more affordable products? Do they want ease of accessing services? Do they seek something else?
Tallysticks spent its first 18 months learning. Learning about what technologies, emerging and discovered, are available in the market. Learning about how those technologies function, their technical benefits and limitations as well as the cost considerations of each technology. After extensive research, the Company has concluded that blockchain technology will be the future. For the present, however, the technology is not cost-efficient for development purposes nor for commercial use.
Given the experimental backdrop, together with technical lessons learned, Tallysticks has spent the last 6 months developing its first platform to address an ignored banking problem – international trade by privately-owned businesses. The Company’s goal is to open up a $1.6 trillion growth opportunity for privately-owned businesses by helping them build trust with trading partners and thus, gain confidence in their trade potential.
In essence, Tallysticks has simplified the end-to-end trade process by creating a single online tool for negotiating trades, communicating with counterparts and assuredly transferring and receiving payments. Tallysticks’ international trade software also reduces the effort, cost and risk of managing trades.
Tallysticks is a Fintech 100 Europe company, a Barclays Techstars Accelerator as well as EY StartUp Challenge graduate. It is a finalist for the BBVA Open Talent and NTT Open Innovation competitions as well as a Simmons & Simmons FinTech Fund winner.