SteadyPay

“I think the average CAC for our, across our product, let's say for the top product, we're talking at about 40 pounds CAC fully loaded versus 200 and plus pounds annual revenue.”

“And managed to do it actually in a cost efficient manner. So not only we grew to 1000 to one million annual recurring revenue, we actually broke even at that stage, which is quite exciting.”

“So currently, as of today, we have 10,000 customers on our platform.”

“So we're aiming for about 1000 pounds per customer limit.”

“So our annual interest is at 20.8%.”

“Well, actually, if I convert into dollars, we're talking closer to three million dollars of loans advanced over that period of time.”

“So actually taking approach more of being friendly, nurturing and getting customers back on track in terms of total loss, actually it's getting close to like three percent, which you're talking about.”

“So we're talking about 2000 pounds, call it 2.5 thousand dollars net into your bank account after taxes.”

“We use direct marketing to generate the critical mass enough to be noticeable and have those specific groups clustered around specific employers and then go directly to employers to capture the residual employment base through the partnership angle.”

“If you look at the majority of customers in this income bracket, the level of financial sophistication is not that great. And people genuinely either do not understand interest or intentionally do not want to understand how it works.”

“Then at the end of 19, we raised just over one million pounds of equity and 1.5 million of debt to actually provide lending to our customers. And then we just closed couple months ago, our series A with another five million.”

“So we require a couple, we require quite a lot of things on the backhand, but the most important one, we need to be connected to the account where they're getting their main income and across this account or several accounts, because we have functionality to c…”

“So membership fee depends on the tier of the product, but for our flagship product, it's four pounds per week or 16 pounds per month, give or take.”

“So what we do, we automatically provide them the shortfall if they earn below average and they repay us when they earn above average. So effectively we convert a regular pay to a fixed salary and we do not charge interest. We just charge membership fee.”

“So effectively what's tackling is that about 50% of workforce globally do not have fixed paycheck, meaning that some months, weeks or fortnights they earn above average.”