We’ve just completed an exhausting, exciting and incredibly informative first 3 months of beta testing for the EVERYTHING app 💪. We have now let loose circa 350 amazing beta members in to test virtual and physical cards, create and join Squads and get social about money or anything else they choose to. With the product much more stable and waves of the early bugs fixed we’re about to start onboarding another wave of between 10-20 members per day and pick up the pace as we prepare to move out of the beta.
For those of you that haven’t heard of EVERYTHING, we are the money experience for the social generation, where members can earn between £1 - £1 million when they spend with our Debit Mastercard®, have their last purchase paid back and earn limited edition product rewards 💷. We soon plan to introduce the ability to earn up to 8% on saved funds and have the chance to grab additional cash rewards when saved earnings are paid out in our re-invention of Premium Bonds designed for this social generation. Our re-engineered approach to finance is enabling members to Squad up with friends to go social, complete challenges, unlock rewards and have the chance to earn more together. The last month has been eye opening for us. Here is an overview of what’s been going on and what we’ve learned.
Spending and rewards 💸
Members are currently able to use virtual cards for e-commerce, and now physical cards, which were released a few weeks back. In spite of the absence of Apple Pay, we have been blown away by the results:
- The transactions volumes per user per month signify that this has become a primary card, replacing their existing everyday spending on other debit and credit cards in a way that’s fun, rewarding and debt free with a real time feedback loop that is exciting.
- Transactions range from frequent everyday spending on coffee and lunch to larger less frequent purchases like flights and hotels 🛫
- 90% of the spending has been allocated to Squads, to share cash rewards with friends, and only 10% allocated towards personal rewards.
Social and engagement 🗣️
We’ve always been bullish about the social potential of EVERYTHING and as one of our core USPs have been excited about seeing it come to life in personal finance. Many of the social features are still at the earliest stage, but it’s clear that these elements are a big part of what keeps members coming back:
- Members spend on average 10+ minutes per day in the app over 4 separate sessions.
- Our top 10% of members spend 28 minutes in the app every day 📲
- The top four things people want to share about their money are ‘rewards they’ve won’, ‘products they would like to buy’, ‘purchases they’ve just made with their EVERYTHING Debit Mastercard’ and ‘tips, tricks and hacks about money.’
- Squads themes are incredibly diverse from Netflix, Travel and Gaming to Crypto, LGBTQIA, Meal Deals and Sneakerheads.
User feedback 💡
We’ve just finished the second round of user feedback, trying to dive deeper into the qualitative insights of what people like, don’t like and where we can improve. We can’t believe how much feedback we’ve received and it’s clear that our initial batch of members are as excited about building EVERYTHING alongside us as we are:
- 70% of members said that the social side of the app was their favourite thing about it so far 💬
- 97% of members said they’d be disappointed or very disappointed if they could no longer use EVERYTHING with 42% of them saying they’d be very disappointed.
- When asked to rate between 1-10 if they will invite their friends to join their Squads when the app launches publicly, with 1 being ‘no way’ and 10 being ‘yes, yes, yes…them all’, the average score was 9.1.
- When asked to rate between 1-10 how happy they were with the EVERYTHING app so far, with 1 being ‘I hate it’ and 10 being ‘I love it’, the average score was 8.4.
- The most common change requests from members are Apple Pay integration, improved social notifications and automated account top-ups.
Here is what some of our beta members have said about us:
Growth and community 📈
One of the great opportunities that comes with the socialisation of finance is the creation and nurturing of a real community within the product 🫂
This is as important to us as transaction volumes and rewards but it comes from having a genuine interest in who we’re building for and what they want. For us this is the social generation. We had a few challenges in the early part of our growth journey and learned a lot but we’ve hit the mark in the last few months and it’s really started to take off:
- In the last 10 weeks we’ve had over 25m video views on TikTok, 175,000+ profile views, 2m likes, 20,000 shares, 20,000 comments and added 29,000 new followers.
- Between 200 - 400 spend free, organic waitlist sign ups per day primarily from our social content with Jordan unashamedly becoming TikTok famous and now being recognised in public 📸
- In the last 30 days about 40% of new leads have come from existing waitlist members sharing EVERYTHING with their friends and family.
- Our Discord server, which acts as a warm up community for members who want to get social while they wait, has 1000+ members in there chatting away.
- We had our first fans from the waitlist come to an event we were speaking at to hear more about our future plans.
What have we learned? ✅
It’s not all been sunshine and rainbows and it’s very early days still 🌈
As expected we've made a few mistakes but we’re learning a lot every day. We've been transparent, changed fast, stayed positive and listened to our members. As a result few things have started to become clear:
- Embedding social into everyday finance works. Even with the bare minimum social infrastructure built into the app members spend almost 4 x as long in EVERYTHING per day as they do in neo-banks, and they come back more often. As our social roadmap rolls out we’re now really confident screen time will continue to increase as EVERYTHING becomes something members enjoy spending more and more time in.
- Our members like to earn rewards but they’d prefer to share them with friends and win little and often than infrequently earn larger rewards alone. We’re fascinated to see how these trends play out as more members get a card and things like Apple Pay are integrated.
- Testing engagement hacks, assumptions and ideas is exhausting and frustrating but already proving invaluable as a source of learning and insight. However, one of the nicest things about doing it in a community focused product with social at its core is that you get real time feedback from the people we’re building for that help you forget the exhaustion, even if temporarily.