Online social financial network Buddyinterest is using the FIFA world cup to enter into one of the worlds largest developing economy by helping fans to stay connected financially with their friends and family back home.
With just few hours left for the world cup to kick off, Brazil witnesses a huge increase in hotel costs, food and water, ticket costs for matches, pub entry charges and thefts.
The hotel accommodation is practically impossible because all rooms are booked and those available are very expensive at a whopping 500$ and above for a decent accommodation. A single bed in 6 bed male dormitory room costs 80$ per night. As an alternative fans are also using Airbnb to find home accommodations at lower costs, but this may also put you back by 100$ per night.
All restaurants, pubs have increased their prices during the peak match time as fans unable to find place in the stadium pour into these restaurants and pubs to watch the match live with fans from other countries. Pubs become a melting point of cultures because of fans from countries such as India, Korea, Europe, USA, Uk, Australia and many more across the globe have transformed these small places into a mini stadium with ball, beer, babes and bonhomie.
Below 30% of total tickets are available for the common man. Tickets that are sold, in the street of Rio, may cost fans a fortune. Some fans such as Maggie Li have used social credit to borrow money for buying tickets in black. Surprisingly she was able to raise 400$ within an hour using Buddyinterest. Maggie says"I cant buy tickets sold on the street with credit cards, besides its cheaper to borrow from friends and family than banks" I have come so far just can't miss the Korea Vs Belgium match for 400$. Ticket peddlers are making the most out of tourists by selling them expensive accommodations and tickets at double the rates.
Many of the fans are shocked at these expensive rates that they have taken up to Buddyinterest to borrow money for short term to meet their escalating expenses, from friends and family at low interest rates.
Jude from USA was robbed of his wallet while commuting in the local bus. He raised 1000$ through Buddyinterest at low interest rate of 1% p.a from friends and family. Jude says "I just can't believe it, I was robbed in broad daylight. Lost my wallet and my cards. Called up the bank blocked my cards and the next thing I did was request for loans using Buddyinterest. Buddyinterest was my life line in Brazil. Hooray"
For Buddyinterest, entry into a friendly international market offers a widely visible chance to advertise itself and spread the idea of the so-called 'common good' and 'sharing economy' into potentially lucrative new markets — an opportunity to create loyal Buddyinterest community and to establish trust in its service.
"We are very happy that users see value in our product and have saved a lot of money even when everything is so expensive in Brazil during the FIFA world cup. Our goal is to help ever person to harness the value of shared economy and see the common good in helping people they trust, without having to depend on credit cards and loans offered by banks that charge high interest rates," said Johnson Ancil, Head marketing of Buddyinterest, speaking from the company's local headquarters in Chennai, India.
Buddyinterest expects that more than 80,000 people will use Buddyinterest social credit platform to meet expenses during the world cup to stay connected with friends and family.
Buddyinterest is one of the fastest growing start-ups, and recently went through an undisclosed amount of second round of debt fund. The company is currently offering all it services for free and intends to introduce premium services in the future or may even monetize its site. The company started its operations in 2014, has 10 employees and users from Asia, USA and Europe.