How much is Cash Coach raising and what will it make them worth?
Fintech app Cash Coach is hoping to raise £200,000 from its equity crowdfunding campaign on Crowdcube, offering up to 9.16% of the company’s equity. That’s a pre-money valuation of just under £2m (£1,983,333).
What does Cash Coach do?
Cash Coach is a fintech app designed to make saving money fun by turning personal finance into a mobile gaming experience.
Using AI, the app helps the user set realistic targets for saving and delivers financial coaching tailored to the user. When ‘playing’, the goal is to save as much as you can in real-life to level-up or improve your avatar in the game. The in-app avatar also develops a personality that reflects where you spend your money in real life; it could gain weight if you buy too many takeaways, for example.
Cash Coach aims to improve the finances of millennials with a mid-level income. This group spends more than two hours per day on average on social media, yet less than two minutes per day looking at their personal finances. Cash Coach flips that on its head.
What is Cash Coach going to do with the Crowdcube investment?
It is the aim of Cash Coach to help make millennials into a more financially literate generation, incentivising them to achieve financial independence and to take control of their spending.
The ultimate goal of the company is to make itself the number one trusted financial champion of all millennials and to develop a financial services marketplace that saves the user money, and earns the company commission.
Who is Cash Coach run by and what is their experience?
The founders of Cash Coach include, CEO, Sam Abrika, formerly of UBS and an expert in liquidity risk models. The CTO is Alexandr Priezzhev, who created the full stack infrastructure for Malina, a loyalty card that processed $2.5bn in payments every month. Artistic and creative input comes from co-founder and webcomic creator, Angela Coronado.
How does Cash Coach make money?
Cash Coach will be a free to use app and will try and make money through subscription services. The freemium model is something we’ve seen across the investment world with zero commission stockbrokers. However, with investing, the free investing is basically a marketing gimmick as a lead into other services.
Only one stockbroker has successfully implemented the monthly investment fee, Interactive Investors. Generally, people don’t pay to save. They save to save, not save to spend so it will be interesting so see if Cash Coach thrives under this business model.
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Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
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