Building Glance’s Future

Posted by on May 29, 2018 in Desmond Griffin, Featured On Modal, Glance Future | Comments Off on Building Glance’s Future

Building Glance’s Future

Desmond Griffin and the Dynamic Leadership Team at Glance Technologies are Building a Successful Future for Investors​ and Leading the Company to Best Quarter to Date

Glance Technologies Inc. the leading mobile payments app of choice for restaurants, retail and more in North America is poised for rapid growth and is marking its most successful quarter to date.

“We are building the future at Glance. Our technology is right at the forefront as people change the way they pay for goods and services,” said Glance Technologies’ Co-founder and CEO, Desmond Griffin. “A big part of our go forward plan includes the new version of the Glance merchant app and expect it to launch in the second half of fiscal 2018. The new version of the Glance merchant app is important as it enables merchants to quickly download it directly to their own mobile devices.”

The development of the Glance merchant app will allow the company to accelerate the sales process, moving from a direct sales model to predominantly digital sales through online and tele-marketing, targeting markets in a number of geographies with minimal overhead. The technology will be expanded into online purchases and e-commerce by leveraging the company’s anti-fraud technology for online merchants suffering high fraud rates.

Desmond Griffin, CEO of Glance Technologies

CEO of Glance Technologies, Desmond Griffin, and his current leadership team are leading the company to its best quarter to date

Blockchain and cryptocurrency

Glance Technologies hosted a very successful blockchain conference in Vancouver recently, building recognition for Glance’s brand and capabilities. The company is working diligently on its cryptocurrency technology and assembling a strong team on this front. This blockchain-based rewards platform will allow Glance merchants to reward and provide deals and incentives to customers based on smart contracts.

To accelerate the progress of this app and the company’s core technology, Griffin strengthened the company’s team with the addition of employees with valuable experience gained at other leading technology companies.

“Our plan is to provide a loyalty mechanism that allows Glance users to spend accumulated rewards within a larger marketplace,” said Griffin. “We also anticipate that by rewarding Glance users with our token, we will enable everyday individuals to get involved with cryptocurrency and hopefully encourage widespread adoption.”

Blockchain and cryptocurrencies are fundamentally transformative technologies, providing significant opportunities for the early pioneers in this space. According to Coinschedule.com, over $3.7 billion USD was invested in cryptocurrency initial coin offerings in 2017. That large influx of capital investment should accelerate the advance of fundamental blockchain platform technology as well as applications and more widespread adoption of the technology in the next few years.

“With a disruptive new technology like ours, it takes time to establish critical mass. However, once critical mass is achieved, it can become viral very rapidly,” said Griffin. “We are working towards that tipping point, having carefully developed and proved the technology locally (in Vancouver), just as I did at PayByPhone, and are now beginning to expand internationally.”

Licensing

Euro Asia Pay Holdings Inc. (“Euro Asia Pay”) was the first company to seek a licensing agreement with Glance when they approached them in the spring of 2017. Glance announced a letter of intent with Euro Asia Pay in April 2017 and the definitive agreement in October 2017.

Euro Asia Pay was keenly interested in Glance Technologies because it was aware of PayByPhone’s history of success with mobile payments. The team, with Griffin in the lead, developed a solid relationship with Euro Asia Pay’s team and closed the licensing transaction.

“This licensing transaction was based on similar models that I used in earlier ventures that had resulted in operational success,” said Griffin. “All of our licensing transactions are based on the innovations and technology platform we have built and are continuing to build. We are continuing to look for more opportunities to leverage our technology.”

A model of success for Glance

Glance is following the successful business model of Vancouver-based PayByPhone (formerly Verrus Mobile Technologies), an internationally successful mobile payment company that Griffin co-founded and was CEO of from inception until it was acquired.

During this period, the PayByPhone team took the technology from a concept to a platform that processes tens of millions of mobile payments annually for millions of consumers around the world, making it one of the leading mobile payment apps in the market at the time.

“As with PayByPhone, we are proving our technology locally, in Vancouver, and then setting the stage for new geographical markets,” said Griffin. “That stage-setting is already underway, with new restaurants signing up in California and with our new offices in the U.K. and Australia.”

Financial resources

At the end of the most recent fiscal quarter, Glance Technologies had over $13 million of cash, and no debt. “We have a solid runway because we have worked hard to become more efficient in our spending since the termination of the dissident shareholder’s consulting agreement in February,” said Griffin. “It is worth noting that I have raised more than $40 million throughout my tenure at PayByPhone and at Glance. My experience at Glance has been that investors generally wish to deal with the CEO and my track record with PayByPhone has been the foundation for Glance’s credibility. Should Glance require more capital in the future, as CEO I will continue to oversee our fundraising efforts and am confident that investors will be interested in Glance’s future.”

Key competitive advantages

A key competitive advantage for Glance from the outset has been its sophisticated anti-fraud technology. At a similar stage, even much larger companies have experienced significantly higher rates of fraud, such as an estimated 6% fraud rate in the early months of Apple Pay. Glance Pay has had zero instances of fraud dating back well over a year, and that’s a major consideration for merchants. This stellar track record bodes well for Glance Pay’s future.

“At the outset, Glance targeted full-serve restaurants because we saw an obvious benefit to customers paying for the meals more quickly and allowing the restaurant to seat their next client while offering automatic rewards and incentives to drive repeat usage,” said Griffin. “We continue to enter new industry verticals such as salons, automotive and parking tickets.”

By establishing the usability of its technology, expanding target markets to a broader array of merchants, improving capacity for monetization with more products, raising significant capital, eliminating fraud and strengthening its product offering, Glance Technologies has embarked on a strong and fruitful path.

Mobile devices are the future of payments and consumer engagement, and blockchain is a fundamentally transformative technology. According to iResearch, mobile payments are the dominant form of payment in China, where annual payments already amount to trillions of U.S. dollars on an annual basis.

“We believe Glance is well positioned to take advantage of these technological trends as we continue to build our technology and expand our network of merchants and consumers. Every year mobile phones advance significantly, accelerating the transition to mobile payments and giving us even more tools for innovation,” said Griffin. “We value all our merchants, users, and shareholders, and we thank you for your support. We are excited about the future and we have a fantastic team to execute. We hope you protect your investment by voting the BLUE proxy for Glance’s nominees.”