Update #12 – July 2023

Update #12 – July 2023

Holaaa,

12th update, LFG. While we only formally kicked off the company in September 2022, it’s been a full year since we started playing around with the idea. How time flies yada yada yada…

July was aite (~5.5/10). Churn from our last cohort was higher than expected bringing all the other numbers down. But other metrics like dollars per account etc. have been growing steadily and the product + team is kicking ass.

Metrics

MRR: $12,749 (+18%)
Customers: 503 (+9%)
AUM:
Runway: ~21 months

July Updates

We shipped a ton! Taxable brokerage accounts, launched our roboadvisor for all account types, streamlined internal transfers, live chat with a financial planner inside the app & more. Julia formally started on design and the team is jammin’.

We started to work on (& are continuing to work on) making our financial plan product better. Right now, it’s super useful for people with a sub-$1M net worth who are new to optimizing their finances, but we have work to do to serve a wider cohort of more sophisticated customers. We’ve validated demand, but now need to elevate the experience.
​

What’s Happening This Month

Experimenting with a brand new, “done for you” service for business owners that make $200K+ in profit: Carry Black. For $1,000/month (which can be paid for by the business pre-tax), we will fully manage a business owners financial life end to end. This will initially be a super hands-on service where we will aim to over deliver for 2-3 clients before eventually productizing it.
​

How You Can Help

Hosting a free, live workshop on August 9 on Personal Finance for Startup Founders. Covering all that founders should be thinking about with regard to their finances – how much to pay themselves, how to compensate their team, maximizing QSBS via estate planning, diversification and a lot more.

Ankur