Fastsusu is innovating group savings through our cutting-edge digital platform, empowering users to reach financial goals quicker with a seamless collaborative saving solution.
Current Status
- Joined Capital Factory's investment portfolio in November 2020
- Partnered with API providers Dwolla & Plaid Inc.
- 1st place winner of Startup Coil LA Pitch, 2nd place of Volition’s Global Pitch event & Ion X Dell participant.
- Website views: 10K+
- Social Media Followers: 1k+
- Newsletter subscribers: 600+
- Total (iOS 836 + 36 Android) Mobile downloads: 866+
- Number of created accounts: 609+
- Total number of app subscribers: 30+
- Total subscription revenue generated: ~$700
- Customer and/or user data: 600+ active users since launching our MVP.
Market
Our main target audience is: 1. Individual Savers: People looking for disciplined savings mechanisms outside traditional banking. 2. Immigrant Communities: Individuals fr om cultures wh ere rotational savings groups (like ROSCAs) are common. 3. Financially Savvy Individuals: Those interested in maximizing their savings and accessing funds without the high interest rates of credit cards or loans.
Problem or Opportunity
- Trust and Transparency: Traditional savings groups face challenges in trust, transparency, and management.
-Limited access to credit: Poor or non-existent credit can limit access to loan and other financial services
- Theft and loss of funds: Informal saving groups risk theft and loss of funds.
Solution (product or service)
Fastsusu provides a digital platform for secure and transparent group lending and savings, ensuring accessibility to financial services for underserved populations.
Competitors
Fastsusu faces competition from several fintech companies and traditional financial institutions that offer similar services. Some of the main competitors include: 1. Digit 2. Qapital 3. Chime 4. Acorns 5. Twine 6. Various ROSCA-based apps: Esusu and MoneyFellows 7. Traditional Banks 8. Yotta Savings 9. Money Pool by PayPal
Advantages or differentiators
Fastsusu's competitive advantage lies in integrating community-driven financial practices with advanced technology, offering a unique fintech solution. By deeply understanding the cultural significance of traditional rotational savings and prioritizing state-of-the-art security measures, Fastsusu effectively addresses current market needs and is poised to adapt to the evolving fintech landscape.
Finance
In our revenue model, we employ a hybrid strategy that melds subscription fees with transaction-based earnings. Here’s how we generate income:
Subscription Fees: Our users subscribe to access the platform, paying a regular fee that grants them entry to the platform with a suite of features; including secure transactions, peer-to-peer lending, social features, flexible saving contributions, and transparent group management. This subscription model not only provides a consistent revenue stream but also aids in our financial forecasting and planning.
Transaction Fees: Beyond the subscription, we earn by taking a small percentage of every transaction carried out on our platform. Whether it’s contributions to savings groups, withdrawals, or other financial activities, these fees grow in parallel with user engagement and transaction volumes.
This dual-stream approach allows us to build a robust and scalable financial foundation, ensuring we deliver value directly to our users while fostering our platform's growth and development.
Business model
In our revenue model, we employ a hybrid strategy that melds subscription fees with transaction-based earnings. Here’s how we generate income:
Subscription Fees: Our users subscribe to access the platform, paying a regular fee that grants them entry to the platform with a suite of features.
Transaction Fees: Beyond the subscription, we earn by taking a small percentage of every transaction carried out on our platform. Whether it’s contributions to savings groups, withdrawals, or other financial activities, these fees grow in parallel with user engagement and transaction volumes.
