85 products left, but today Payflow
Hi friend ๐,
We frequently underestimate the importance of innovation in the way businesses operate. We are passionate about technology, algorithms, and making the best use of our CPUs. Products, on the other hand, encompass both the idea and the experience. And technology is only one of several layers in the experience. It is significant, but it may be surpassed by subsequent innovations. Today's product is a prime example of this.
Starting a new job is challenging since you don't see your pay until the end of the month. As a result, we feel as if we are working for free for the first month. In particular, I recall my first several weeks of employment at a major corporation. My financial situation was dire when that happened. It took that company two extra months to hire me because of unexpected hiring-freeze. And I had already quit my former job with no savings. The pay was excellent, but you had to earn it first. The first thirty days of my employment are seared into my memory. It was difficult. Everyone else was living like they were in a dream, but I had nothing. My first suit was paid for using a loan.
Of course, today's product isn't just about the first month, but if such a product existed back then, I would have definitely utilized it.
Today, Payflow is our product.
Unfortunately, this solution is only available in a small portion of Europe and Latin America. The idea is straightforward: instead of waiting until the end of the month to get paid, workers may get their money as soon as they earn it. That they self-identify as an app for "financial wellbeing" is not far from the truth. They do not affect a client companyโs cash flow, therefore they must spend a lot of money to run the business, and they are difficult to use if your company is too large. However, it is gold for entrepreneurs and tech corporations.
Let me be completely honest with you. The product does not appear to be elegant, and they have both expenses and savings solutions right in the app, giving the impression that they are still working to improve the solution for better monetization. The concept, on the other hand, is wonderful. They are backed by YC and raised their Series A before the recession hit.
I was just talking about the opportunities just next to us the other day. For me, this one fits the bill well. And there are still plenty of opportunities in fintech. Our relationship with money and with our rights is fundamentally flawed and must be fixed.
Weโll talk again tomorrow.