Pitchfest: Mike Le Quelenec of RealTag

Pitchfest: Mike Le Quelenec of RealTag

Start-up company RealTag aims to change the way we pay for things online, with a payment solution that CEO Mike Le Quelenc describes as the Chip and PIN of online payments. Due to pitch his business to a panel of judges at Pitchfest, Mike talked to BQ about his business idea and his plans for the future.

Describe your business in no more than 100 words.

RealTag is a start-up company specialising in digital-based solutions to combat real time online payment fraud i.e. Card Not Present (CNP) fraud. The RealTag payment solution has the potential to be technology that can verify card present transactions online, whilst significantly reducing payment friction for customers and in turn, the transaction drop-out rate for merchants. RealTag has developed a copy proof tag, that can be incorporated into a payment card and read by any camera on a smart device (desklaptop, tablet or phone). The solution is equivalent to a Chip and PIN system, but for online payments.

 

What prompted you to enter Pitchfest?

We are currently looking for funding and Pitchfest offers a great opportunity to get our business in front of investors as well as expanding our network of useful contacts.

 

What are you looking to fund with this investment?

The company has proven the concept with the help of Innovate UK grant funding and has follow on funding to develop a prototype for commercialisation. The investment will enable the development to focus on refining a more intuitive customer engagement to deliver a fool proof system, easily usable by all. This is targeted over 2 key areas; tag refinement and software refinement in order to develop and execute a fully-fledged service.

 

Who inspires you to do what you do?

Entreprenuers and small business owners who I have met over the years. They who have built up a worthwhile business from nothing and at the same time made improvements to people’s everyday lives.

 

Have you explored any other avenues of funding?

Yes. We are currently engaging Angel investment networks to seek the funding we require to progress the development.

 

How do you differentiate your business from others?

Competition in this market is relatively scarce when looking for a similar technology and primarily lies in alternative anti-fraud solutions such as 3D Secure, or Verified by Visa as it is more commonly known. However, this type of fraud deterrent inadvertently acts as a sales deterrent by increasing the payment process friction, resulting in a higher rate of transaction abandonment. We differentiate on the point of improving the consumer experience by reducing the ‘friction’ in the current process as well as improving security.

 

Where do you see your company in five years time?

If all goes well, as common a feature as the ‘Chip and PIN’ on every payment card!

 

Who would your dream customers be?

Payment card manufacturers who would use our technology on the cards they provide to banks and their customers.

 

How far is your productservice away from being market ready?

Realistically over 18 months from now due to the necessary testing and integration requirements that would be needed. However if we succeed in our target of partnering up with an appropriate market leading manufacturerOEM this could be accelerated. Watch this space.

 

What is the one thing you hope investors take away from your pitch?

A positive insight into the opportunity and potential of our product and ultimately a good understanding of how we can make it a reality, despite the apparent enormity of the challenge!