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New crypto startups are dominating 2022, and 28 of them j...
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Mar 1, 2023
Y Combinator, a startup accelerator, hosted its biannual Demo Day on March 29 and 30. This latest batch was the largest y...
Problem
Crypto has an
adoption problem
because it's volatile and complicated.
- 74% of people aren’t investing in crypto because it’s too complicated, difficult or risky (Motley Fool)
- 84% of Americans have never invested, traded or owned crypto (Pew Research Center)
Solution
Effortless AI-enabled
crypto investing
that performs in any market
and supports daily spending.
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Product
How Soon works
Automated Deposits
Soon connects to your bank and begins automatically depositing your monthly investments.
Automated Portfolio Selection and Dollar-Cost Averaging
Soon invests your monthly deposit over 30 days via dollar-cost averaging into a set portfolio. Each investment position is tracked independently.
Daily Spending Activity Used to Trigger Crypto Sales
Connect your debit and credit accounts and Soon is securely notified when you spend. Your daily transactions are used to guide when and how much of your crypto gains to sell.
Automated Selling of Gaining Investment Positions
After Soon is notified of a spending event, the algorithm will automatically rank-order all of your investment positions and sell your gains up to the dollar amount of your spending transaction.
Weekly Automated Payouts
Earnings from the sale of your crypto gains are sent back to your bank account weekly.
Automated Tax Stash for Capital Gains Taxes
A portion of your earnings are set aside in a tax stash for you to file your capital gains taxes in tax season.
Dynamic Tax-Loss Harvesting
Your worst-performing positions can be sold for tax-loss harvesting. This reduces your tax burden and a portion of your tax stash can be unlocked and reinvested.
Asset dependability
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Traction
Validation through transaction volume, patent value, & test sites
Significant volume per user during beta
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Current Revenue
First 3 weeks after launching with
new custodial partner Fortress Trust.
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Our submitted patents are
valued at $8.5M and growing
with the support of Ideaship, our patent partner/investor.
Patent 1: Apparatus, system and method for intelligent choice in currency (view here) |
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Patent 2: Fractionalizing and managing objects using cryptographically linked blocks |
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Test site validation
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Our agency created 2 new brands to test market interest in Soon. The websites and ads feel real, but when signing up, it collects no data and sends users to a 404 error.
Waitlist growth: 2,500 — acquired with less than $1.5K ad spend
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Business model
Our revenue model supports ARPU of $260+
*Assuming user invests only $150/month. Revenues can increase dramatically when users invest more each month.
$50 Customer Acquisition Cost | Average 3 month CAC payback
Outlook
- Year 1:
$1M marketing spend, 15K paid users, $3M Revenue - Year 2:
$4M marketing spend, 80K paid users, $18M Revenue - Year 3:
- $15M marketing spend, 250K paid users, $57M Revenue
Market
Millennial spending is measured in the Trillions
Soon can compete for all of a millennial's $34K of annual discretionary spend.
Most of the companies vying to service consumer crypto investments can only go after a small percentage of their user's net worth. Speculative exchanges tend to produce emotional, long-term and risk-averse investing behaviors.
But Soon is changing the relationship between the customer and crypto assets. With Soon, users begin to view their crypto investing as more of a rewards/cashback program that is layered on top of their daily spending.
Because liquidity happens so quickly and money flows back into their bank account weekly, customers are willing to push more of their money through Soon than they would other services. In fact, many of our users increase the amount they invest every month over time as they see constant proof of service.
**Source: Forbes.com, $34K avg. discretionary spend X 72M millennials
***Source: 33m millennials w/$15K+ in savings Bank of America survey
†2.5% transfer fee in and out
Competition
"High returns + automation" in a category of our own
Soon's offering is a powerful combination of strong user experience and high potential returns. Our users have experienced strong returns, but they don't need to speculate on the market, spend significant time on market research or have any previous experience.
Vision and strategy
Targeting $10M ARR in 2024
and building towards global expansion & exit.*
Roadmap & projections
Impact
Making it easy for anyone to build wealth
Soon's mission is to help people from all financial background to build their wealth and accomplish life goals faster.
As long as you are not living paycheck to paycheck, Soon can help you in the near-term. Soon also provides a reinvesting feature, so you can focus on your long-term
Funding
$2.5M raised to date
Seed round led by:
Founders
Mike Shattuck
and Aaron Bylund
Mike has extensive experience with machine learning, security, large-scale applications, and payment processing systems. He served as the technology liaison on the board of directors for Klymit, an outdoor recreation innovator. Mike has always had a passion for cryptography. When he first discovered blockchain technology, he became obsessed, diving in to learn as much as he could. Mike is the chief architect of the platform system.
He has led teams in global organizations including SMBs, large enterprises, non profits, and open source communities. Aaron is experienced in graphic design, front-end design, branding & messaging, SEO, corporate social media, online reputation and drove corporate strategy for a publicly traded company. Aaron has a passion for social good and any technology that advances personal liberty and enables individual self reliance.
Summary
A note from Soon's
founders Aaron and Mike
We built Soon first for ourselves. After years in marketing and software development, we finally had some extra money, so we began looking for a way to invest without the hassle of speculating. That’s when we stumbled across an idea…using daily spending to trigger the sale of crypto gains. We began testing and discovered that this approach produces strong returns, a better experience, and could help millions of people, from any financial background to accomplish their life goals faster. That’s what drives us to continue building Soon.
What makes Soon a great investment?
- Powerful combination of great UX and strong returns.
- Strong MRPU and rapid path to profitability
- Soon can incentivize users to invest more of their cash flow
- Soon makes speculative assets less emotional and more like a rewards program
- Soon is sticky and becomes part of a user's daily life.
