YBOO Limited

On 31 January 2018, Angelfish Investments plc (‘’Angelfish’’) announced that the Company had entered into a secured Convertible Loan Note agreement with YBOO Limited (“YBOO”).

YBOO owns and operates a UK mobile app which enables the customer to know which mobile network and deal is best for them. According to Which? in 2015, UK consumers overpaid by an average of £159. More recent research conducted by The Citizens Advice Bureau, shows 36% of consumers overpay by between £22 and £38 per month, equivalent to between £264 and £456 per year.

The free to use app is supported by complex ‘back end’ systems which translate consumer behaviour and habits into a “meta-model”. This can then be compared to the spectrum of mobile service offers, which are updated to provide real time costs and charges. The customer then receives recommendations on the most suitable deal matched to their own personal usage and behaviour. YBOO will generate revenues from connection bonuses from switching deals and/or network, and the mobile networks from providing access to data and consultancy.

The app is currently live on the Android platform and is in the latter stages of beta testing for iOS. This investment will allow YBOO to trigger its sales and marketing plan to apply the benefits of its app to over 92M subscriptions in the UK.

Early users of the YBOO app have achieved real savings with a recent example seeing a user’s bill reduced by more than £13 per month and an additional 4GB of data compared to their previous contract.

YBOO will use the funds to further develop the user experience when using the app with a goal of ultimately providing a click through approach to switching tariffs. Funds will also be used to complete the testing and initial development of the iOS app planned to launch in the early Spring, in addition to commencing the sale and marketing activity of the Company.

The loan note, in the sum of £150,000, is convertible into 15% of YBOO on payment of the final instalment with provision for Angelfish to increase its stake for further funding at its discretion.

www.yboo.co.uk
https://twitter.com/ybooUK

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