Company
Seed ROUND
Quick View
Company Name
OmPay
Year Established
2018
Sector
Finance
Stage
Launched
Location
Tampa, FL
Amount Raised
$1MM to $2MM
Connect
sahil@ompay.io
Affiliation
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Profile
OmPay is a payment solution to help businesses reclaim the payment relationship with their consumers. Through this, businesses and consumers are able to make significant savings through payment efficiencies. Our Wyndham Grand Clearwater pilot has shown promise and we are in works for launch at other locations. In our product, we are using rewards and point of sale credit, in the form of differed payment plans - allowing consumers to earn a few more paychecks before having to pay out the entirety of their hotel costs. We break up their purchases into 4 equal payments over 30 or 60 days - the first of its kind in hospitality. The business is able to benefit from driving additional revenue through rewards / point of sale credit while allowing the consumer to benefit from having the ability of getting a better experience and being able to avoid having to pay for their hotel charges in one big transaction. This creates the effect of taking a person's checking account and converting it into a "credit card" for their hospitality purchases, without all the issues, including predatory interest rates, complicated terms and terminology for consumers and moving away from using credit score as a representation of "credit-worthiness" of consumers. We thereby help facilitate the Millennial and Gen-Z consumers to get access to a more equitable alternative to credit cards which research is a developing trend.
Company Leadership
Founder and CBO
Sahil Sachdev is a highly curious entrepreneur whose strengths and experience lie in leveraging technology to develop innovative products and solutions. As founder and advisor to various start ups, Sahil uses his experience, skills and know how of scaling companies to help them reach their full potential. Sachdev is active in the start up and Fin-Tech community. Having experienced the dichotomies of growing up in both the United States and Mumbai, India, Sahil is deeply interested in the power of entrepreneurship and financial services in facilitating social progress. Sahil received his B.A. from the University of Southern California and has been pursuing further studies focused on innovation and entrepreneurship at the Massachusetts Institute of Technology for the past three years.
Founder and CEO
Jordan Karstadt is an entrepreneur, early blockchain adopter, and founder of OmPay. Jordan began his entrepreneurial journey as a digital currencies trader in early 2014. Having benefitted from early exposure to the blockchain space, Jordan was able to connect with several projects in the community where he began to see FinTech as not just a means for trade, but also a platform for financial empowerment. He initially joined the first digital currency-based 501(c)(3) non-profit, before founding his own financial empowerment platform, OmCash. Jordan’s pursuit of social impact through financial technologies was greatly supported along the way by NYU Stern, which provided the full scholarship, venture programs and support needed to expand his vision which became OmPay as it is today.
