This Sydney-based company has developed a disruptive technology platform targeting millennials saving the deposit for their first home. It is a globally
scalable mobile first platform to help make investing easy, aiming to deliver higher returns over the long term. The company helps to “Turbo Charge
Your Savings” through a supportive network of ‘Sherpas’ (family and friends who contribute funds to help users achieve their savings goal).
A key point of difference to comparable apps is that this platform enables millennials to tap into ‘The Bank of Mum and Dad’ and the extended family to
help with saving. In addition, the reward and loyalty program – the Mystery Sherpa Loyalty Program – lets customers win points, badges and monthly
prizes that are drawn live on the app. This will drive adoption and referrals while also providing competitive differentiation.
Although still pre-launch, the company has already registered 10,000 registered expressions of interest with limited marketing. The company has secured
their AFSL and are expecting to launch in May 2018.
Raising A$1.5M (A$625k subscribed) for 20% equity, with a pre-money valuation of A$6m. The proceeds are to be used for Launch and Customer Acquisition.