[FW Radar] Safelogy wants to secure cash transactions
Created by 2015 by Emmanuel Gaucher and Cyril Portalez, Safelogy develops a tool which secures and facilitates the management of cash money for traders.
More details with Emmanuel Gaucher, co-founder and president of Safelogy.
FrenchWeb: What needs does your service meet?
Emmanuel Gaucher, co-founder and president of Safelogy: In France, in commerce, one in two transactions is made in cash. However, unlike digital payments, cash processing remains a tedious and manual process that simultaneously raises security concerns for goods and people. Counting operations, risk of fraud or theft, complexity of transporting funds… In the end, cash processing represents a cost of 5 billion euros per year for French merchants. Not to mention the receipts which are not credited before having been transported to the bank, with the consequence of a lag between the receipt and the availability of money.
What is your value proposition?
Starting from the observation that smart safes alone are not enough to eliminate the complexity of these operations due to a heterogeneous equipment pool, we created the first Cloud platform for the automation of cash processing compatible with the whole automatons on the market. Concretely, we make cash payments as easy and secure to manage as a credit card or smartphone payment. This allows traders to reduce their processing costs by 50%, while ensuring staff peace of mind.
Who are the users of your solutions?
even though early-adopters or integrated store chains (fast food restaurants, gas stations, supermarkets, textiles, etc.), our solution is aimed at all merchants, all sectors combined, who need:
visibility on their cash receipts and on all their cash transactions at the store and at the brand’s head office;
traceability to secure teams, cash in store and transport of cash to the bank;
automation to eliminate the costs and errors inherent in manual processing.
By connecting their smart safes to the universal cloud platform, merchants follow in real time, on several sites, the transactions of each machine, their filling rate, their proper functioning, and reconciliation errors with cash registers.
What is your development plan?
Here is our development plan:
Service: develop an application compatible with iOS and Android which will allow our Premium customers to manage the cash management of all their points of sale from their Smartphone.
Growth: aim for a turnover objective of 10 million euros by 2020. Recruit within three years 30 employees in France to support the innovation process of our company, and 10 in the United States to support the commercial development of the newly created subsidiary.
Internationalization: As of January 1, 2017, we had more than 3,000 smart safes connected to the platform in 5 countries (France, Greece, Netherlands, Belgium, Luxembourg). Our 3-year development objective: to multiply by 10 the number of connected safes, especially in Europe and the United States.
What are your challenges?
Here are our different challenges:
Market: evangelize France, which is still a nascent market, and build a network of international partners (cash carriers, banks, distributors of cash management solutions) to promote the development of our offer in Europe and the United States.
Financial: We plan to raise funds of 500,000 euros for the second half of 2017, in order to accelerate the deployment of our international platform, in a global market estimated at nearly 400 million euros within 3 years.
HR: Recruit the sales force in the United States that is essential for us to successfully enter a mature and competitive market.
Who are your competitors?
In France, there are software editors who offer bricks of cash management solutions. We are the only ones to have developed, for retail, a solution which covers all the needs of traders, and which is at the same time unified, interoperable and compatible with all the players and machines of the market.
Founders: Emmanuel Gaucher and Cyril Portalez
Creation date : 2015
Fundraising : any
Seat : Marseilles