The new mobile application is exclusive for university students; BucksApp provides cash advances to students and helps them build their credit; the start-up has raised $2M from investors
MIAMI--(BUSINESS WIRE)--#cashadvance--Intended exclusively for active university or college students, the new BucksApp application offers an instantaneous mechanism of cash advances of up to 200 US dollars.
BucksApp "is the virtual friend that saves you from trouble and lends you some money without judging you," comments Sebastian Romero, the Founder and CEO of the new App, which officially launched in Florida today.
Sebastian, the CEO of BucksApp, is 24 years old and a recent graduate in Business Management from Babson College, Massachusetts. “I lived for a long time in Africa where everything is needed and then in Dubai where it seems that everything is at hand, to that I have to add my Paraguayan heritage, all this has given me a multidimensional approach when creating this product. I feel that my education in Babson has allowed me to bring together all these life experiences and shaped my way of seeing the world."
BucksApp is all about trust and communication. “We need to first understand a college student situation, because on top of getting used to a new environment and balancing a new schedule, making new friends, being homesick, students have to study and keep up with the expenses,” explains Sebastian. “Sometimes my student budget was not enough. I had to choose between buying a book or eating well; paying last-minute utility bills or going out with friends. Stretching my allowance meant a lot of stress.”
Anxiety and stress are more common than you can imagine on campus, comments Sebastian. The American Psychologist Association estimated that around 61% of college students were seeking counseling after reporting anxiety and stress. One of the main reasons is their financial situation.
Research shows that more than 60% of college students in the United States run short on funds before the end of the semester, leading them to look at different options, like credit cards, payday loans or personal loans. However, most loans require full-time employment, which might not be the case for many students.
“As young adults, most college students are not aware of identity theft or cyber scams, and that was another factor that I wanted to target with the app,” Sebastian explains. According to Consumer Sentinel Network people ages 20 to 29 are statistically at high risk of cyber scams. “I saw some of my friends struggling with this,” he explains. “Therefore, when I created BucksApp it had to be not just simple or friendly, it had to be safe as well.''
Bucksapp has raised $2M as seed capital from a group of investors. “When I presented the business plan, I knew that my approach was different, because I was not focusing solely on potential earnings but on the benefits for the students, people my age who face challenges unthinkable in past generations. That was the pitch that convinced everyone the most,“ he recalls.
BucksApp is safe and easy to use. After a student downloads the app, registers and applies, which takes only a few minutes, BucksApp makes a quick approval decision and delivers money to the student’s bank account in the shortest possible time, says Sebastian.
“I can’t wait to reach all these students, somehow I feel close to them already,” he concludes.