Figy Summer Update

Hi all,

If you find these summer product updates exciting, you’d better fasten your seatbelts for the next update. We are getting up to speed. ;)

Budgets is a powerful new feature the team introduced so that you can now set a target for spending and monitor the progress along the way. Easily set up budgets on a per-period and per-transaction category basis. Open the app, scroll towards the budgets section, tap update and follow the instructions on the screen to set your first budget. Whether you want to know how much you've spent on your annual vacation budget, your monthly leisure budget, or weekly groceries budget; Figy has got you covered. With Budgets, you stay on top of your spending and reach your financial goals sooner.

Goals has been one of the features that the team internally has been excited about to launch. Because what use is making financial plans without a goal? With goals you can now set a financial goal and actually see the expected achievement date based on your own assumptions. You will also see this date come closer or go further away as your financial situation changes. For instance, if you make an expensive unexpected purchase your achievement date will be later than before. If, on the other hand, your financial assets perform better than anticipated, or you manage to make some extra cash, your achievement date will come closer. To add a goal, navigate to the forecast page, scroll down to goals, and tap “update” to define your first goal. Whether your dream is to build a 200k investment portfolio or have 20k in savings, we’re here to turn your goals into a reality. Figy even captures the personal motivation for your goals to keep you motivated.

Information Icons was the first feature released over the summer and provides more context to financial terms and numbers that you find in the app. These gray icons can be seen throughout the app in many different locations. When tapped the app presents a pop-up explaining in more detail what a financial term, feature, or number is about. Open the app and find out. If you have suggestions for locations to place them or if there are features within the app that are confusing to you, please reach out to us. We at Figy seek to demystify money and one of the ways we would like to do that is with adequate usage of information icons.

Your feedback is invaluable! This summer we therefore conducted interviews with many of you. A special thanks to everyone that has given us feedback already, either through a digital meeting, an email, or whatsapp! We keep listening to you to make the best personal finance product out there in the space of wealth building. So if you have anything that you would like to see changed/added, please reach out here and plan a meeting with me personally. We are always very excited at the office when new feedback is coming in. Alternatively, send us an email by replying to this mail, or send a WhatsApp on +31617462811.

As some of you may have seen in the app we have launched our Early Adopter Program. We are often asked what our business model is as until now the app has been completely free to use. This has led to some users being suspicious, rightfully so. Often when a product is free to use, the user is actually the product through their data. Figy will never sell or pass your data on to third parties (unless you specifically ask us to for specific use cases). We currently operate at a loss as we would like to grow our user base and expand the number of devices that Figy is downloaded on. Nevertheless, it's crucial to strive towards generating revenue, so that you as a user can continue to enjoy the benefits of the Figy app far into the future.

With the introduction of the Early Adopter Program, we will on the one hand, thank you as one of our earlier adopters for life. If you become an Early Adopter, Figy will be eternally grateful and reward you handsomely for your early trust in us through discounts, perks and unique opportunities in the future.

The Early Adopter Program secondly will help us to validate the willingness to pay. We will introduce multiple pricing tiers in the future that come with different perks and levels of access within the platform. While we are figuring out the fine details, we have this intermediate step.

The Early Adopter programme will only run for a limited time and will end without announcement. If you would like to become a member of this select group we suggest you do so immediately and convince your friends to do so too so they can also avail of the exclusive perks available. Simply open the Figy app, navigate to the account page and click on “Become an Early Adopter”.

Our commitment remains rooted in providing you with tools and services to empower you to reach your financial dreams.

We are building Figy for you, the financial enthusiast that simply wants more than what bank, investment or expense tracking apps have to offer. We are definitely not for everyone. Figy is all about wealth building instead of just short term expense tracking.

We are at the beginning of our company journey and are confident that we will elevate the quality standard for personal finance platforms to unprecedented heights. We hope to serve you along your financial journey and are thankful for your early adoption.

In the next newsletter among other things more on “Savings” and “Splitting”.

Thank you for choosing Figy!

Kind regards,

Florentijn Hogerwerf

Founder Figy