FloatMe

FloatMe helps employees bridge cash gaps and build savings.
San Antonio

About FloatMe

FloatMe helps employees bridge cash gaps and build savings.
For a monthly subscription users today get: account monitoring, low balance alerts & payday notifications, overdraft prevention, emergency wage advances up to $50

How it works: monthly subscription $1.99 per mo
1) Sign Up - User links bank & debit card to verify consistent employment
2) Monitor - Low balance and overdraft alerts + payday notifications.
3) Float - Instantly advance up to $50. Auto drafted on next pay date. They charge $4 float fees
4) Stash - Easily establish your own savings.

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Problem statement

• Short term cash gaps are costly and available options from banks and lenders are predatory and unfair - over $46B per year is paid annually in fees.

Traction information

• $0-$26k in Monthly Revenue in 7 months, 10X growth in 4 months
• 74k user waitlist with $0 spend
• $460k cash in the bank - $150k in lending, $310k in operations, 9 months of runway
• Accelerators - YC and Techstars
• Doubling revenue and users MoM for last 4 months since news of Corona broke
• User Metrics - 9000+ users as of March 2020, Averaged 230 organic signups / day, 117% MoM,1.6% of users churned in the month of March

Updates

Profile created.
Added over 2 years ago
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