Fintech First Users

How top fintech startups got their first users

48 followers

How top fintech startups got their first users

48 followers

Every startup faces the challenge of acquiring its first users. This is doubly true in fintech, with its unusually high customer acquisition costs. This resource shows how 22 top fintech startups overcame this barrier to get their first users.

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Launch tags:Fintech•Growth Hacking•Startup Lessons

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Business Thriller

Maker

Hi PH, I’m excited to launch a new resource that has been long in the making. Fintech First Users is a profile of how the world’s leading fintech startups acquired their first users. Getting users is the critical first step for a startup post-MVP. Without feedback from the first user cohort, there’s no way to know if the startup solves an important problem. Consumer internet founders benefit from a well-established playbook for getting initial traction and acquiring users for their MVP. But in fintech, founders face unique challenges. Not just regulatory challenges but also the higher level of trust required to convince customers to conduct business in finance – whether that customer is another business or an individual. The increased trust required for customer acquisition in fintech can drive CAC sky-high – and most early-stage startups can’t pay much to acquire their first users. But without feedback, startups die on the vine. This is why so many fintech startups are founded by industry veterans with specialized knowledge about unsolved problems – or at least connections in the industry that can be coaxed to experiment with their MVP. But where does that leave fintech founders without years of experience or industry connections? The best way to learn how to launch a fintech startup without deep industry connections is to ask people who have done it before. Unfortunately, fintech companies are not just harder to launch than consumer internet startups. They also receive less media coverage, so the origin stories of even household names in fintech are often left untold. So, the only way to find out was to ask the founders themselves. That’s why I spent many hours tracking down founders of the top fintech startups in the world to talk with them about how they acquired their first customers. Fintech First Users gives founders a menu of options for launching their fintech – whether they’re a B2C service like GoHenry, or a B2B infrastructure provider like Plaid. Please let us know what you think about these founder stories! If you have any comments or additions or want to share your startup’s story, don’t hesitate to reach out. Thank you!

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4yr ago

A remote working solution.

Considering that getting first users is a huge dilemma for founders, it's great to see someone zoom into first user acquisition in a specific niche. Would love to see other industries featured as well.

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4yr ago

Business Thriller

Maker

@maya_ovice Hey Maya. Thanks for the idea! We decided to go deep into this vertical because it is an especially difficult niche.

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4yr ago

Importify

Did most of these startups launch before getting funding?

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4yr ago

Business Thriller

Maker

@jacob_simon4 Most of them launched to prove the concept before getting funding, but that wasn’t true of the challenger banks obviously. Can’t start a bank without funding. 😅

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4yr ago