We reached a major milestone for Unifimoney today — we're on the App Store!

Unifimoney Communications

You can download right here: https://apps.apple.com/us/app/unifimoney/id1515674781

Thanks to an amazing team with a shared vision and our partners — especially UMB Bank, Visa, Innotech Corporation Vietnam, Drivewealth, WSGR, Railsbank and our investors — we have got to the point where we will be onboarding our fist Beta customers by the end of the month.

It’s taken us six months of dev time (and collectively over 80 years of industry experience) and less than $50K to get to this point — entirely bootstrapped. It’s an incredible achievement that would’ve been impossible without the relationships and support from the team and with our wider industry partners.

We haven’t adopted the “stealth startup” approach - — instead, we’ve embraced the words of our Head of Growth @kumarthangudu: “no startup ever failed by being too loud.” By being explicit in what we are trying to do and why, we hope to attract those who share our vision, motives, and beliefs.

And it’s worked.

I have been accused by some potential investors of being too much on a mission; I’ve been told that we should talk only on how we will enrich investors. But I make no apology for this; we don’t want such investors. We are on a mission. We believe returns for investors should come as a result of better serving customers’ needs not as an end in themselves.

We have a few strongly held guiding principles in our approach:

  1. Everyone has a right to financial resilience. We deserve the ability to protect ourselves and our loved ones from the shock of unexpected events — whether it’s an individual event like illness or losing a job or a macro challenge like Covid-19. Society becomes more resilient when people, rich and poor alike, can bear up in the face of adversity. Financial resilience is built over years and decades through the accumulation of small actions; it takes a practice of saving, investing and being financially disciplined and it’s hard to achieve.
  2. The most efficient way to achieve financial resilience for the majority of people is to automate. Our psychology does not adapt well to the task, so we must co-opt technology to help automate the many manual actions required to optimally manage financial services.
  3. We believe consumers want financial outcomes, not frivolous features and functionality. Better app design and renovated physical branches disguised as coffee shops are not the primary need in banking transformation. Show me the money.
  4. Banking can be run at ultra-low-cost, which will allow us to give more back to users and still be profitable. Large financial-services companies waste billions on advertising and on maintaining decades-old infrastructure and processes. It’s time to change and give that money back to consumers. Put the human first.
  5. High customer-acquisition costs are a tax on poor product design and value for money. We focus exclusively on creating value for money and automating money management; we refuse to buy customers or waste money on sketchy acquisition offers and paid advertising.

We are building on the shoulders of giants to be sure. Acorns created the idea of passively drip-feeding into an investment portfolio. Robinhood made self-direct share trading accessible to all. Wealthfront brought robo-investing mainstream. Brex showed us that you can innovate as a Fintech in credit cards. Fitbit showed the power of tracking and positive feedback loops in driving positive behavioural change. We have been inspired by these companies and their founders and learnt from them all and more.

And we’re not anti-bank by any means. Banks set the standard for security and compliance necessary to be entrusted with people’s money and run the infrastructure on which we all depend; they’re made up of many thousands of dedicated professionals who make sure that is so. But we feel the time has come and the technology is now available for a better way to manage your personal finances.

We strive for perfection but will make plenty of mistakes along the way. We will fail our customers at times through human error and technical malfunctions. It’s inevitable. But we will always remain true to the mission and hope that we find others who share that mission and want to join us.

Please download our app on the App Store, join our waitlist, tell us what you need and how we can be better. We believe in the power of word-of-mouth and want a community of users who are excited about our mission and want to be a part of it with us.