Update #9 – April 2023

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Update #9 – April 2023


Pleased to report that April was indeed a (medium) banger.

We almost doubled AUM, grew revenue 50%+ m-o-m and made a massive amount of progress towards an updated vision for the product. Make no mistake, we’re still very much pre-PMF and figuring it out as we go along, but a good month all in all.


Revenue (MRR): $7,893 (+53%)
Customers: 391 (+34%)
AUM: <redacted> (+85%)
Cash: $34,136 (+344%)

While we haven’t formally switched to accrual based accounting, I’m moving away from reporting these numbers on a cash basis because it started to feel increasingly dumb. What was previously Revenue is now Cash, and what was MRR is now revenue. I’m not reporting money we make from interest income / treasuries because that really isn’t the point of any of this.

April Updates

  • We launched IRA’s + education embedded in our core product and it’s looking real nice.
  • We tested selling a financial plan and access to an advisor at a higher price tier ($499 / year vs $299 / year) – this performed fairly well for a product that didn’t exist & we sold ~$14K worth of this plan. Time to build this.
  • Our one-day event Independent Money Live was on April 27 and was a blast. You can catch the replays here – TBD on how the campaign ends up performing since Tuesday is the last day of the sales window, but already helped a ton with generating leads.
  • With that, the conference still took a TON of work and it’s quite likely that in the future, we’ll do a higher quantity of lower lift events.

What’s Happening This Month

  • Exploring a bunch of new stuff – particularly, becoming a broker-dealer, self-directed IRA’s and launching the ask an advisor / financial plan feature we sold last month.
  • Paying off debts – technical, UX, moral (jk), customer goodwill etc.

How You Can Help

  • If you haven’t funded your IRA for 2023 yet, do it through us, por favor. We’re at feature parity with everyone else with no-fee investing. We can also help make it really easy to do a backdoor Roth, have a bunch of education bundled in + you get my undying loyalty in return. Sign up here or reply to this email and we’ll help you get set up.

– Ankur