Due founder John Rampton details his prior startup exits that provided the self-funding capital for his payments venture.
Disclosure
Rampton aims to monopolize payments and bankrupt rivals PayPal and Venmo
“You know, ultimately do want to monopolize it and put some of those guys out of business, obviously, or have them acquire us mainly put them out of business. We don't, our goal is not to be acquired.”
Assertion Contradicted
Rampton: Pixloo patent covered 360-degree photos and was widely infringed
“Yeah, so there was a technology, primarily we owned a patent. Or, I mean, that was probably our biggest asset was we owned a patent where if you take a camera and spin it 360 degrees. We own that patent. So pretty much. Yeah. Any photographer in the world has …”
Assertion Not checkable as stated
Due rejected a multi-million-dollar acquisition offer weeks after launch
“Like we've already had like one company approach us and be like, Hey, you know, would you guys be interested in selling them? You know, can you know, seriously go down that road to the point where they were making serious offers. I mean, they gave us a lawyer …”
Opinion
Rampton: Patents inhibit natural human innovation despite being lucrative
“You know, I have a love, hate, Relationship with patents. One, because they've made me a lot of money in the past, but two, I hate them because, you know, I think they inhibit people from doing what they, you know, are naturally bound to do.”
Assertion Not checkable as stated
Rampton: Due Processed $4M in Transaction Volume in February 2016
“So transaction volume in February, 2016 was about four million dollars.”
Assertion Not checkable as stated
Rampton: Due has around 60,000 registered users
“We're about 60 total thousand people have signed up.”