I was thinking - you know what might be cool - if you built an SDK with a reusable UI that banking apps could implement. Kinda like how Zelle works. Then banks could pay to obtain a license to the SDK. I think you would probably need to start with an app and gain a user base first. But maybe some sort of licensing of the Envelope Money functionality would help revenue in the long run.
That's okay, you just need to adjust your monetization strategy once you have those users. Do something creative :P (maybe an exclusive level with deals (black card style) for a monthly fee, crypto rewards etc.) Getting your DAUs up is the the only thing you should be worried about right now.
Look into Chime's model. The way they do it is to channel the user into making their Chime debit card their main card. This is the way they make the interchange model work. However you have to provide incentives to make the user switch
Damn, that must have been frustrating to realize. I'm sorry to hear that, but I'm sure there is a solution and a way to fine tune your monetization strategy. Learn from them, at least. You will both figure it out!
Thats pretty typical for a startup, in terms of financials, what the investors see is they have revenue (don’t matter if they are losing money). thus they are willing to invest. But yeah financially it’s a loss but in a startup world that’s not an issue. They will just keep raising through rounds for years to come, which is again pretty typical.
I'm surprised the other company was able to raise so much money given their revenue and user base. Was there something else that made them stand apart and inspired the confidence of investors?
A friend of mine and I work in commercial videography for growing companies like marketing, pest control, and real estate/mortgages. He’s based out of Ogden and willing to travel if you guys are interested. Message me on here or we can figure something out
