setting the scene
- you’re dying to go on a ski trip this winter, and it’s time to start thinking about saving up 🎿
- unfortunately, you can’t stop yourself from impulsive purchases like an NFT and top-shelf tequila 💲
- when it’s time to book your flight, you realize that your ski trip won’t happen, and you probably should’ve saved for the electricity bill as well 😩
- this week’s company keeps spending priorities in line by giving users a personalized budgeting experience
in a sentence
Mooch is a budgeting app that places earnings into personalized envelopes and rewards users for reaching their savings goals
- envelopes: users can put money aside for rent, credit card payments, or even car loans 🚗
- rewards: once the user meets an envelope’s saving goal, they earn a cash bonus ➕
bulleted version: picture several piggy banks, each dedicated to a specific item; Mooch helps automatically fill each piggy bank until users reach their savings goals 🐷
the basics
- industry: fintech, consumer, blockchain
- headquarters: San Francisco, CA 🌁
- year founded: 2020
- company size: 9
- investors: Bee Partners, Necessary Ventures
- amount raised: $1.5m pre seed
- business model: takes % of earned interest
sponsored by
- founders know that building an app is no easy task, but Techstars-backed startup, Apsy, is innovating how apps are built through their AI platform
- Apsy has quickly acquired their first 40 customers, generated $0.5M in revenue in their first year, and will be rolling out a new platform that walks users through building an app via verbal conversation
- Apsy is raising their $2M seed round (with more than half already complete) and running a crowdfunding campaign as well; this is a company worth paying attention to
due diligence
what we like
- 🐖 disrupting the piggy bank: a digitized envelope system allows users to personalize budgeting, seamlessly move money from a paycheck to an envelope, and earn some interest
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🗣 leading with diversity: Mooch has laid their foundations with a diverse team
- with different perspectives and backgrounds at the table, Mooch is well positioned to address financial literacy for all
- with different perspectives and backgrounds at the table, Mooch is well positioned to address financial literacy for all
- 🧢 $0 CAC: Mooch has organically acquired all their customers by growing a tremendous social following: 300k on TikTok and 60k on Instagram
potential risks
- 🌊 crowded market: the app store is flooded with financial productivity apps; will Mooch’s method stand out from the crowd?
- 💵 budgeting is personal: Mooch has created a new approach to budgeting that may intimidate those who are used to their excel spreadsheets or keeping their money under the mattress
- 👮🏽 regulations: future regulatory landscape may disrupt Mooch’s current bonus issuance model
founder profiles
- Richard Valasquez (prev. @ Meta, BBDO)
- Kevin Jiang (prev. Capco)
comps
why Mooch: we are banking on Mooch to help users budget, grow their savings, and initiate a new era of the digital budgeting 🪙
so…would you invest?we want to hear from you!
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