IOU One

Create An IOU between the creditor and debtor
Setup up a task or Ask for a Favor

Inspiration

One of my friends doesn’t have enough space to store goods. He wanna put them in my office and give me “rent” as return. But it’s quite odd to receive money consistently from friends. He suggested to record the balance. Whenever I wanna have lunch or buy something, I can ask him to pay for the expenses. He would reduce the balance until it’s used up.

What it does

Don't bring enough cash with your friends at lunch time? Your friends do you a favor and you wanna return in the future? IOU One allows you to record small debts and ask your friends pay back later with tasks.

How we built it

Basically we built an iOS app to demo the idea. We use Swift to build iOS native app.

Challenges we ran into

Putting suitable functions into the scope of work. We want to keep it simple and easy to use but users will be willing to use it with friends. The most important thing is to solve a problem users facing.

Accomplishments that we're proud of

We solve the problem of handling small debts between friends. At the same time we are building a credit database based on the task records. This database can be used for selling financial ad such as credit cards, insurance, etc. We can also encourage social lending or crowdfunding with your friends when the platform is getting more mature.