A De Montfort University Leicester (DMU) graduate who created his own financial technology company while studying in Leicester has raised $150,000 for his start-up idea.
Hands In, founded by Business Management and Economics graduate Sam Flynn and his business partner Raul Patel, is a digital payment option that allows users to split payments evenly across a group when making purchases online.
Sam pitched the business to potential investors to secure funding, which will be used to hire more developers to build out the platform further ahead of its launch.
“Hands In was born out of necessity,” Sam said. “When moving with my housemates in the first year, I was getting frustrated that there was no way we could split payments for shopping, takeaways and utilities. Someone was always left to foot the bill and they would have to chase the rest of the group for payment.
“I wanted to create a platform where there was an option to split the costs of your basket when buying stuff online. When using Hands In to purchase something, the platform will send out a WhatsApp message taking users to a secure payment page where the people in the group pay their share.
“Around 90 per cent of our costs at the moment are going on labour, as developers don’t come cheap but they are essential to ensuring our platform functions at its best and is cyber secure.
“The initial funding was a good success to build on but I try not to get too caught up in the moment. I’m already looking at the next milestone for the company.”
Having secured the boost from investors, Sam is now looking to raise a new round of funding, which will help the business operate for a further two years.
Sam said: “We’re programming the platform so the funds only leave customers’ bank accounts once everyone has paid. If one person doesn’t pay in the allocated time, no purchase is made, which protects the rest of the group and our partnered merchants.”
While studying at university, Sam approached the DMU Works Enterprise team for advice and hired student interns to help him conduct early market research. During the second year of his degree, he placed second and won £1,000 at the university’s annual Pitch2Win competition, which was set up to find the very best new student ideas.
A trip to Silicon Valley in California through DMU Global proved to be inspiring for the budding entrepreneur, who was able to meet with successful business founders and investors, including the co-founder of Tesla, Marc Tarpenning.
Sam said: “If I had one piece of advice for students, it would be to use DMU Global to understand how businesses work in other cultures. When I went to Silicon Valley, I sought out any opportunity to talk to entrepreneurs and did a lot of my own research out there.
“I was lucky enough to speak to investors and meet people like Marc. Listening to those conversations with tech entrepreneurs and taking in that information at an early stage was so inspiring.
“Had I not gone on that trip, I’m certain I wouldn’t think the way I do now. I hope the university upscales the programme and more students look to use it.”
