truthCoder:
After seeing the gaslighting attempt of the OP against airsaylongcome, I feel I owe it to members of this forum to give full disclosures about what I know about this 'acclaimed investor'.

TLDR: He claims to be a pre-seed investor and has access to UK VCs. He is just a hawk looking to fleece tech newbs off their ideas and prototypes, asking for 80% of equity for the pittance he is offering (if offering anything at all) so the person can either walk away or if dumb, be a slave to him all for nothing.

I saw one of his claims last year and I contacted him.

I have a fintech project which I am working on. Project is not generic as generic would not work in the region I intended to launch. I was on NL one day and saw his post, so I decided to contact him.

My mistake was that I assumed he was a passionate tech funder so I went into the conversation telling him bits and pieces of the project and some bits about the USPs. I did not request for details of his company, I did not sign an explicit NDA. I did not even see or know his authorisation to have such conversations on behalf of whomever he claims to be representing. He offered no legitimacy and I was dumb enough not to ask. The only 'credence' he had was a +44 WhatsApp number.

He claimed to have a team of coders ready to churn out any project at short notice. The only thing remaining was ideas.

He was interested in my project and straight-away wanted to know the 'nitty-gritty' of the idea. He was asking so many questions so I told him I would only be able to continue if we had an explicit agreement on our business relationship. If he liked my idea, he should tell me and we should discuss how the relationship would be. He said he liked the idea and is ready to be a part but can I answer just this other question.... He tried to prod around this but when I was insistent, he gave me his offer.

He proposed an agreement that takes over 80% of my company at pre-seed, with me handing over ownership and existing codes in return for him spending an undisclosed amount on getting more people interested in the business. I would still be in the company of course, pouring out my efforts into making the project work. He told me the 80% was his final offer.

It was not a buy-out. It was me simply signing away 80% of my company to a stranger who says he doesn't know how much he would spend but it is 'a lot' and I get nothing on day 1.

If I hand over 80% at pre-seed, please what will I hand over when the real VCs arrive? 80%!!!

I tried to reason with this 'investor' o but he was adamant, so I told him to move on. I saw my folly. The guy don play me street. I understood the 'catch-22' situation. No sensible person will give out 80% of a company for nothing. So he has a clean path to walk out and he leaves with the ideas you just discussed with hm. If you are dumb enough to accept, then you will be dumb enough to wait till a potential VC comes along who will take equity from his own 80% or do a buy out of the remaining 20% for chicken change.

I was lucky though, I did not share any code with him nor shared more than necessary. Some people would not be so lucky.

Now, don't get me wrong. He has a right not to like my project. He has a right to walk away. But he owes it to the the other party to say he was not interested. But asking for 80% of the company for no exact amount (which could range from cost of printing and photocopying the dumb agreement to nothing), it was an easy scam.

I moved on and was lucky enough to get real investors with proper structures from other areas and we would be launching soon. No serious investor asks for 80% for an undisclosed amount. Heck. I got $20,000 and a free USA company registration for 2% of another company.

When a girl is raped, most times she keeps quiet and the rapist feels more confident to rape another girl. When all raped girls come out to identify their abuser, maybe he would stop, maybe he won't, but other girls would know what they are entering if he invites them to his room.

NB: He opened this NL account and the email strictly for this. He is not on LinkedIn nor is associated with any company of repute in the UK or anywhere else. He is a ghost.

airsaylongcome:


You have been posting about this "great and scalable" Fintech request since November 2022. What progress have you made since then?

Ynix:

I just sent you an email from ajideayodeji@gmail.com

truthCoder:
Thanks for your insights. FYI, I have actually started building 2 startups with the founders from scratch from this website since December of last year and all information is verifiable.

CAVEAT EMPTOR.

Do not discuss anything with him without him disclosing the VC he is working with and a certifiable power of attorney.

After that, sign a proper non disclosure agreement with him before proceeding.

You should verify any document he provides BEFORE discussing with him.

At the end of all discussions, and after getting an insight into your idea dynamics, he would offer you a very ridiculous offer so that you would either be so angry and pull out or so stupid to accept. And that is the goal, so you leave but he has the ideas.

Dont let them use baits to harvest your ideas.

You have been warned.

PlayerMeji:
Oga we know your type.. Na so Una go dey form gentleman until the person commit for una hand.

I doubt really who in his rightful senses will be so daft to send someone he has never met in life his life works, projects and sweats..

Only incurable fools will do that!

PlayerMeji:
Smells like a scam..

VC is looking for fintech coy to invest?

VC wey be say na we dey rush dem...

matrixme:
Since last year you've been looking for this idea. Some people even said you don't reply their messages. Naso una go dey keep stealing people's ideas up and down, in the guise of a venture capital investor. Keep searching, you will find.

Slickbishop:
Bleep off.scammer.lookimg for who to use for your cheap pay and cheap poor labour

Danyl:

Weldone. pls is this offer still open?

ChocolateWine:


Why are you not giving feedback to emails sent?

matrixmuzi:
Drop email or phone

Olayoo:
Hey coder just sent an email to you.

Olayoo:
Really. Looks weird.
Well I have one that will work. And I'm 100 percent sure about it. But. Like verybadmouth said. U just opened your account today and considering the state of the country, we need to shine our eyes

coder1205:


Thanks for mentioning your concerns but I am only looking for someone with a good idea thats scalable. Thats all we are looking for. Nothing more.

verybadmouth:

I'm a Java mobile app developer also with experience in PHP and laravel.
I share similar ideas with you but I'm kind of skeptical about you knowing that you just opened an account on nairaland today.
Scammers are everywhere ooo.
Email is udmgok@gmail.com

Olayoo:
Really. Looks weird.
Well I have one that will work. And I'm 100 percent sure about it. But. Like verybadmouth said. U just opened your account today and considering the state of the country, we need to shine our eyes