Expense card for 1099 workers automating write-offs and tax reporting
Current Status
Getting ready to launch, collecting future customers, 1st investor on board
Market
57M 1099 workers in the US, expected to grow rapidly over the next few years.
Problem or Opportunity
1099 employees overpay on taxes and miss crucial write-offs, pay CPAs, and spend a lot of time and energy tracking deductible expenses and collecting receipts.
Solution (product or service)
An expense card that automatically tracks and identifies deductible expenses.
Competitors
Freshbooks, Quickbooks, Xero, Wave - control a large amount of market CPAs - traditional solution Bench, Keeper, Botkeeper, Lance - new bookkeeping solutions, cost money
Advantages or differentiators
Free Does the work for you - set it and forget it Gives the user money back (points)
Finance
Offering the product for free, and making money from interchange fees, conservative projection of $150 annual ARPU
Business model
Interchange fee
Money will be spent on
Financial services provider (issuer, BaaS), marketing and sales
