Analysis of PayPie ICO – Credit Assessment on Blockchain Accounting - Crush Crypto

Analysis of PayPie ICO – Credit Assessment on Blockchain Accounting


  • Project name: PayPie
  • Token symbol: PPP
  • Website:
  • Whitepaper:
  • Hard cap: 90,759 ETH (ICO contributors own 75% of total token supply if hard cap is reached)
  • Conversion rate: 1 ETH = 909 PPP
  • Maximum market cap at ICO on a fully diluted basis: US$36 million assuming current ETH price of $300
  • Bonus structure: To be announced
  • Presale or white list: Presale will begin soon
  • ERC20 token: Yes
  • Crowdsale date: October 15 to November 15, 2017 (please refer to PayPie’s website for the most up-to-date information)
  • Token distribution date: Within 2 weeks after the end of ICO

Nick Chandi, the CEO of PayPie has reached out to us and provided some input, please read the full text in the comment section below.

Video summary (video is 8:55 long):

Project Overview

What does the company/project do?

PayPie aims to bring trust and transparency to the financial markets by introducing credit risk assessment based on blockchain accounting catering to small and medium sized enterprises (SMEs).

All the journal entries entered on the PayPie platform will be time-stamped on the blockchain, providing immutability of data.

By analyzing financial data based on information stored on PayPie, a credit score can be generated for each business based on information such as liquidity ratio, working capital, profitability, book value, etc. By using up-to-date data on PayPie, PayPie’s goal is to be able to provide better credit assessments than banks.

PayPie is also going to create an invoice financing marketplace where lenders can provide liquidity to SMEs based on their credit score as assessed by PayPie.

All internal payments will be managed using ERC20 compatible stable “Pie Coins” that are exchangeable for fiat and pegged 1:1 against major currencies to avoid exposure to fluctuations in the prices of cryptocurrencies.

Here is an explainer video of PayPie (video is 1:25 long):

How advanced is the project?

The project is at white paper phase, meaning that no proof-of-concept has been developed.

Here is the future roadmap of the project:

March to April 2018

  • PayPie platform launch with real-time credit risk analysis.

May to June 2018

  • Begin Marketplace establishment.
  • Business development to increase trading volume.

September to October 2018

  • ERP integrations, API access to third parties.
  • Begin decentralized accounting system.

January to February 2019

  • Decentralized accounting system launch.
  • 100% accurate risk analysis goal achieved.

What are the tokens used for and how can token value appreciate?

PPP token is a utility token which provides access to the PayPie platform for certain transactions and services. Each PPP token grants the holder the right to access certain services including the purchase of invoices and access to credit histories of businesses.

Lenders will require PPP tokens to access the PayPie platform, and tokens can be used to buy discounted invoices, credit scoring data and real-time financial data of a business.

As PPP tokens are used to perform different actions on the PayPie platform, the more usage PayPie platform has, the more valuable PPP tokens should be.

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PayPie has a team of 8. Anthony Di Iorio is an advisor to the company, not a team member.

The team behind PayPie founded SlickPie, a cloud accounting software catering to small businesses. It was developed in August 2015.

In the white paper, it is disclosed that SlickPie has 16,000 users. It is unclear whether those users are paid or not, but we believe that the majority of the 16,000 users are using the free tier of SlickPie because a major selling point for SlickPie is that it is free to use, unlike competitors such as Xero and Quickbooks.

The bios of the key members are as follows:

Nick Chandi, Co-Founder and CEO – Serial entrepreneur and a member of the Forbes Technology Council. Before co-founding PayPie, Nick co-founded SlickPie, a startup that provides online accounting software for SMEs, and Welcome Networks, a company specialized in providing IT solutions for accounting firms.

Jag Barpagga, Co-Founder and CIO – Over 17 years of experience working with technology giants such as Microsoft, Citrix, and VMW, as well as designing, implementing, and maintaining virtual systems for SMEs.


  • The problem that PayPie is tackling is large. Many SMEs struggle to obtain financing from banks. It would really help the SMEs if they could obtain easier financing because of technology advancement.
  • Network effect is present. The more companies use the PayPie platform, the more valuable the platform is.


  • PayPie is a white paper project with a lot of promises in many different areas – we believe they are trying to do too many things at the same time.

PayPie is going to tackle different industries including accounting, credit assessment, and invoice financing. They will create a stable coin and a marketplace.

The timestamping of journal entry makes sense but other features that they are proposing are just too much for the scope of this project in our opinion.

Stable coin is itself a difficult enough task to be a standalone blockchain project. In the whitepaper, this feature is just casually brought up without any explanation of the technical details, almost as an afterthought. Based on this, we are not sure how well thought out the business plan is.

They are trying to change the accounting and banking industry. There are a lot of regulatory and compliance issues arising from operating in these two industries.

The idea of connecting all the companies’ books to a decentralized accounting platform is very difficult to succeed because it involves persuading many companies to change something as fundamental as accounting system. A more established company/regulatory body may have a better chance of pulling it off, but we believe it would be hard for PayPie given the background of the team.

  • ​​​​Automatic credit risk assessment is not easy – a lot of factors depend on the SME’s industry, geography location, management capacity, macroeconomic environment, etc. Asset-light industries have a very different set of financials from asset-heavy industries. We believe that in many cases, judgement is required. Therefore, the “100% accurate risk analysis goal” is virtually impossible to reach.
  • In the white paper, it is stated that “building strong partnerships with major accounting and ERP systems is a major aim of the overall marketing strategy.” As SlickPie, the team behind PayPie, competes with accounting software giants like Quickbooks and Xero, PayPie may have a difficult time collaborating with SlickPie’s competitors.
  • PayPie's idea works better when everything is settled in cash. However, in accounting, there are a lot of instances where transactions amount and timing are not clear cut (for example, stock options, accrual accounting, valuation adjustments, etc.) In those cases, judgment may be required and PayPie’s idea of trustless accounting will not work.
  • The roadmap is vague. Here is the description of the first milestone after the ICO, estimated to be achieved in March to April 2018 or 4.5 months after the ICO: “PayPie platform launch with real-time credit risk analysis.” Without a clear and detailed roadmap, we are not sure about the team’s execution ability.
  • The white paper lacks technical details, which makes it hard for the team to prove they have the technical knowledge to successfully work on this complex project.
  • The core members of the team are working on SlickPie and PayPie at the same time. It is unclear how they will allocate their time between the two ventures.


Overall, we are neutral about the ICO’s short-term potential and dislike its long-term potential. Our thoughts of the tokens for short term and long term are as follows:

For short-term holding

Neutral. The project has received above average market awareness, but the project is currently at idea phase without any product to show for, which can turn off some potential participants. 

The first milestone after ICO is launch of the platform, which is scheduled to be in March to April 2018 (4.5 months after ICO), meaning that there won’t be much news flow about the project shortly after the ICO.

For long-term holding

Negative. This project is highly ambitious and aims to disrupt a few large industries (accounting, credit assessment, and invoice financing).

With little information in the white paper about (1) the technical details about how exactly the tech is going to work, and (2) the future roadmap and how the team will execute on its plans, we have reservations about the team’s ability to pull off such an ambitious project. 

For more information about the ICO, please visit the following links:




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