Desmond Griffin demonstrating Glance Pay at the company’s launch event (source)
Desmond Griffin is a Vancouver-based entrepreneur who sees everyday problems as an opportunity to find solutions, and make our everyday lifes better while at the same building a flourishing business.
When Desmond saw himself stressed and frustrated from outdated parking meters, not carrying enough change or running back to the meters before they expired, he backpedaled and produced a solution. He founded a mobile payment company, PayByPhone, along with an app that allows drivers to pay for parking with their smartphones from anywhere.
Soon thereafter, Desmond was not too surprised to see that the number of users actually increased strongly. Apparently, he was not the only one who really wanted to use such a payment app for parking matters. However, he was the only one with the right idea at the right time and place.
PayByPhone was generating tens of millions of mobile payments in over 100 cities worldwide. Soon thereafter, PayByPhone was acquired by a UK company in 2012 for $45 million in cash. In December of last year, PayByPhone was bought by Volkswagen Financial Services, which also bought Sunhill Technologies, Germany’s largest cashless payment solutions company.
Then, Desmond saw himself stressed and frustrated again, when waiting some 15 minutes to get his restaurant bill and another endless-seeming time waiting for a working wireless payment terminal at his table. What a waste of time and escapable glitch, he thought, and acted in his entrepreneurial spirit once again.
Why wait for a wireless payment terminal if each one of us already has an advanced payment terminal in their hands, the so-called smartphone. Wouldn’t it be smarter that we all just use our own phones for payments in restaurants so that we can settle such in a glance? That’s exactly what Desmond figured and founded Glance Technologies, providing a solution to restaurants and its guests.
Glance Pay is the name of the app which Desmond invented for publicly listed Glance Technologies Inc. The ease of payment using Glance Pay is compelling. When the bill comes, the user takes a picture of the bill with the app, enters the bill amount (fraction or all), selects the tip percentage, and then pays the bill instantly. The entire process happens in a few seconds.
The innovative app also includes location-sensitive restaurant discovery functions and an automatic reward system.
As the Glance Pay app only works with affiliated restaurants, the key for Glance is to get as many restaurants signed-up as possible. The same was true with Desmond’s first payment solution for parking meters. The innovative Glance Pay app was launched in September 2016 and by April 2017, Glance had over 140 restaurants signed up across Canada, with 500 restaurants having expressed interest. Given the fast adoption rate of restaurants joining Glance Pay, the growth potential for the company is immense.
If Glance can continue its fast growth of signing up new restaurants and people using the app, the company may become an attractive acquisition target for large financial service companies. Glance has a current market value of $12 million CAD. Desmond’s first company, PayByPhone, was acquired for $45 million, however Glance’s target market (the $270 million USD full-service restaurant industry) is estimated to be 9 times larger than the parking industry. Therefore, Glance Pay has a 9 times higher growth potential than PayByPhone had.
En Vogue: The Cashless Mobile Payment Market
The global payment market is expected to grow extremely fast and strong over the next years. According to Future Market Insights, the global payment market is forecasted to grow from $392 million in 2014 to $2.9 billion until 2020, an impressive CAGR (“Compound Annual Growth Rate”) of 39.2%.
The leading payment companies are Ant Financial and Paypal, both of which enjoy valuations in excess of $40 billion, followed by Stripe, Square, Mozido, Adyen and Klarna with valuations ranging between $2 and $5 billion. In December 2016, Standard Bank of South Africa acquired SnapScan, an app that allows users to pay from their phones. In January 2017, Daimler Financial Services acquired PayCash Europe, a mobile payments solutions company. In January 2017, the Chinese eCommerce giant Alibaba, via its affiliate Ant Financial, announced its plans to acquire MoneyGram, the world’s second largest money transfer company after Western Union.
Most recently on June 6, Glance announced to receive $1 million CAD over the next year pursuant to a licencing agreement with Cannapay Financial Inc. to white label Glance’s mobile payment processing platform and its proven anti-fraud technology for legal business-to-business and business-to-consumer mobile payments in the marijuana industry.
Rockstone is looking forward to covering Glance in the future and to report on material developments in due course.
Zimtu Capital’s New Tech Department
Chris Parr and Megan Keevil are heading Zimtu Capital Corp.’s new technology department to include prospective start-up companies like Glance Technologies Inc. Simultaneously, the new tech department will continue to develop its own application, the ZimtuAdvantage App, an innovative dashboard to monitor and compare all 1400+ stocks in the Canadian-German markets. Chris wrote a report on Glance last week. Isabel Belger, also from Zimtu Capital, recently conducted an interview with Desmond, which is also attached at the end of this report. Recommended on top of that is the article “Cashless and Confident: Glance Tech Targeting Global Domination”
Management & Directors
Penny Green (COO & Co-Founder) envisioned: “Our goal is to become the biggest [mobile payment company for restaurants] in North America within a year and eventually the largest in the world.“
Glance Technologies Inc. is led by a management team that has decades of proven experience in mobile payments, finance, legal, programming, marketing, design and restaurant operations and training. Glance Technologies‘ management team is poised to bring the same speed, convenience, customer service and profitability that results from mobile payment platforms to the multibillion dollar restaurant industry.
Desmond Griffin (CEO & Founder)
Desmond co-founded PayByPhone (formerly Verrus Mobile Technologies) and was its CEO from inception through to a successful exit, during which time PayByPhone went from a concept to a platform processing tens of millions of mobile payments annually for millions of consumers in over 100 cities around the world. Desmond is an active advisor to early stage technology companies. He holds a Bachelors of Business Administration degree from Simon Fraser University and holds the Chartered Financial Analyst designation.
Penny Green (COO & Co-Founder)
Penny has 20 years of experience as a business founder, entrepreneur and lawyer. She is the founder and CEO of Bacchus Law Corporation, which in 2015 was named in Profit Magazine’s list of the top 500 fastest growing companies. Penny was a co-founder and a director and officer for two years of Merus Labs International Inc. (TSX:MSL, NASDAQ: MSLI), a specialty pharmaceutical company which now does approximately $32 million in annual EBITDA. Penny has been ranked #61 by PROFIT Magazine’s 13th annual W100 list of top Canadian female entrepreneurs. Penny was one of five national finalists for the 2012 Royal Bank of Canada Award for Excellence in Entrepreneurship.
Peter Haggarty (CMO)
Peter has been the Director of Sales & Marketing, Shaftebury Brewing Company Ltd. and Director of Marketing, Cactus Restaurants. Peter was responsible for leading the executive team of the Elephant & Castle Restaurant chain in its rebranding process that resulted in a 10% increase in sales and a $26 million buyout. As President of ROMD Marketing & Design Inc., Peter has been responsible for clients that have included the Grey Cup Festival 2009, 2011 and 2014, Verrus Mobile Technologies (now PayByPhone), and more. Peter has a Political Science degree from Western University, a diploma in Broadcast Journalism from Fanshawe College, and an MBA from Western Washington University.
Laura Gallagher (CFO)
Laura is an experienced Chartered Accountant, with a broad range of business knowledge. She has a unique blend of skills, which includes coordinating financial audits across various industries, as well as extensive knowledge of marketing and strategy initiatives. Ms. Gallagher spent four years working as an Auditor at KPMG, where she worked with publicly listed companies, and has been working for Glance as its Vice President of Finance since September 2016.
Angela Griffin (CTO)
Angela has worked as the head software developer of Glance Pay since its inception. Ms. Griffin brings extensive business and software development experience to the company. For the 3 years prior to her appointment as Glance’s CTO, Ms. Griffin served as President of Zoink Technologies Inc. Previously Ms. Griffin worked for 8 years at View Assessments Inc. where she started as a developer and ended as Chief Technology Officer. Ms. Griffin holds a Bachelor of Computer Science degree from the University of British Columbia.
Christina Rao (VP Investor Relations)
Christina brings extensive business, corporate development and investor relations experience to Glance. She has significant experience with not only rebound bull markets, but more importantly volatile bear markets. Ms. Rao has been executing corporate communications campaigns for various companies for over eight years, as CEO of Ascension Corporate Relations Inc.
James Topham (Director)
James is a Fellow Chartered Professional Accountant (FCPA and FCA) specializing in technology companies. James was an audit partner in KPMG’s Technology Group in its Vancouver, B.C. office for 20 years, and currently sits on the boards of several companies. Since 2011, James has sat on the board of Norsat International Inc., since November 2014 he has sat on the board of 3 Tier Logic Inc., and since May 2015 he has been a director of UrtheCast Inc. From 2013 to 2015 he was the chair of the board and audit committee of Epic Fusion Corp., and from 2011 to 2014 he was a board member and audit committee chair of DDS Wireless International.James was awarded the designation of Fellow Chartered Accountant from the Institute of Chartered Accountants of B.C. James has a computer science major and a Bachelor of Commerce Degree with Honours from the University of Saskatchewan, from where he graduated as a most distinguished graduate. He was awarded the designation of Fellow Chartered Accountant from the Institute of Chartered Accountants of B.C.
Kirk Herrington (Director)
Kirk is an experienced software executive with over 30 years of diversified experience in designing, developing and bringing to market world-class software products and solutions. Recently, Kirk co-founded Connect2Classes, a Discovery Platform for Continuing Education. During his tenure as CTO of Pivotal Corporation, Pivotal was awarded the 2nd fastest growing company in Canada and one of the top-10 fastest growing high- technology companies in North America. Pivotal had over 3,000 clients by the fall of 2002 and Kirk was involved with many of the top customers, particularly those in the financial services sector. Kirk was also a recipient of the prestigious Top 40 under 40 executive award and has a degree in advanced technology management from Simon Fraser University.
Glance Report by Chris Parr
Interview with Desmond Griffin by Isabel Belger
Glance Technologies Inc.
#200-1238 Homer Street
Vancouver, BC, V6B 2Y5 Canada
Phone: +1 855 288 6044
Shares Issued & Outstanding: 74,100,849
Canadian Symbol (CSE): GET
Current Price: $0.165 CAD (06/16/2017)
Market Capitalization: $12 Million CAD
German Symbol / WKN (Frankfurt): GJT / A2ARHD
Current Price: €0.101 EUR (06/16/2017)
Market Capitalization: €7 Million EUR
Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist.