Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we're talking with Gareth Gumbley, CEO and founder of online engagement service Frollo.
In 128 words or less, explain your business idea
Our business is called Frollo, a mobile app and online engagement platform with a simple three-step process that helps Australians improve their personal finances. It provides users with insights on their spending, inspires them to form new habits, and our community features engage them to reach their financial goals.
The Frollo app is direct to consumer, and we are also powering companies to white label the platform and tailor it to their customers’ needs. Partners can be up and running with their own app in less than two weeks using their own brand identity and tone of voice. Our platform also enables partners to leverage an incredible amount of data and insights to better serve their customers.
What strategies are you using to grow and finance your idea?
The company was initially self-funded, and it has since had investment from my family and personal network. We have several B2B partners paying us to develop white-label solutions for their customers, and expect this to be a significant source of revenue for Frollo moving forward. We also generate revenue from affiliate partners such as RateCity. RateCity allows our users to shop around and get a better deal by easily comparing financial products and services.
We have a very solid roadmap when it comes to developing the core Frollo product. For example, our next release will make it easier than ever for users to setup and track their budgets – using the popular “buckets” or “envelopes” based budgeting concept.
How do you differentiate your business from your competitors?
The community aspect of Frollo is definitely one of its main USPs. We recognise that it’s easier to form new, positive habits when you’re accountable and have the support of the broader community. As such the community challenges within the app – such as reducing your Uber spend, cooking home meals for a week and shopping around for a better mobile provider – are designed to really drive and inspire users to achieve their financial goals.
Frollo is designed in such a way as to make users think beyond their bank balances and actively work towards improving their financial wellbeing in a fun and engaging way. Checking your ‘financial fitness’ doesn’t have to be a negative experience, and we’ve worked really hard to ensure users come away from the app feeling empowered and motivated to continue positive spending behaviours.
We are also the only platform that enables companies to rapidly develop their own apps. In less than a month of partnering with Frollo, partners can have their own branded apps with customised features in the iOS and Android app stores.
What's the biggest challenge facing your business?
We’re very happy with what we’ve achieved in less than two years, and now the business is at a point where we see tremendous opportunity for growth direct to consumers, as well as with partners and the non-profit sector. Our biggest challenge right now is knowing where to place our bets so that we can have the greatest impact on the financial wellbeing of all Australians.
What one phone, tablet or PC application could you not live without?
The app I can’t live without is “Ananda - Personalised Meditations”, which is a meditation app by Deepak Chopra that I use every day. When juggling the demands of a thriving
startup with personal and family life, I think taking the time out to centre yourself is incredibly important.
What's the best piece of advice you've ever received?
The best piece of advice I’ve received is to always break down complex problems until you can achieve a simple and elegant solution. It’s easy to be overwhelmed by complexity, but almost anything can be solved with patience, perseverance, and the right tools and team around you.
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