Barro

Inspiration

We have had experience with lending money to friends and family. It's usually a super awkward experience that ends up being set aside and procrastinated. We have also experienced lending that money and not receiving it back! We need a solution to this situation. We know it is a common problem because of the estimates of how much money is lent to friends and family in the United States ranges between $89bn-180bn. That's a big market!

What it does

App/website where users can agree on the terms of the loan and generate an electronic promissory note. The app/website will be in charge of handling money transfers and payments. The app/website will also be in charge of having payment reminders and updates on the loan.

We believe that the communication we’ll provide along with having clear terms will make the borrower more likely to pay.

How we built it

Right now we started working on a website for the app, the actual design of the app, and a business plan. The website was built using react. The design of the app was made using AdobeXD. We also started working in a business plan for this idea.

Challenges we ran into

The main challenges involved creating a user experience that promoted both trust and simplicity. Also, it was a bit overwhelming to learn about the process of forming a startup. There are a lot of laws and regulations pertaining to financial companies! Calculating the costs of the startup was another big challenge

Accomplishments that we're proud of

We are definitely proud of coming up with a simple proof of concept and the beginnings of a business plan we will hopefully need in the future.

What we learned

A lot of business stuff! We also polished our development and UI/UX skills

What's next for Barro

Hopefully find a mentor that can guide us, finish the business plan, and create a mvp. We already researched the technologies and apis we will use to implement this project, so we just need to keep hacking away!