Zogo’s App and Impressive Growth
Zogo is a fintech startup that launched its app of the same name in November 2019. The startup’s app is loaded with well over 300 modules for users to get through, all of which build up different portions of financial education in a gamified way to keep users engaged. However, this is not the only motivation that users will have as the startup has a built-in rewards system that awards gift cards or even checking account bonuses to users as they make their way through the modules. The startup’s app has garnered significant popularity among its growing user base along with many different companies, businesses, and financial institutions.
In fact, since February 2020, when the app had only 13,000 users, the startup has exploded, now boasting over 100,000 different users. On an even more impressive note, Zogo is now partnered with more than 70 different financial businesses, including major companies such as Pyramid Federal Credit Union, First Bank and Trust, and Diamond Credit Union. At least part of this spike in users and partnered businesses has been due to the COVID-19 pandemic. With more young people and companies experiencing economic instability and money problems, the need for easy to use, engaging financial education has never been higher.
Zogo’s Financial Status and Future Business Plans
As the user base for the startup began to rapidly increase in 2020, Zogo became a completely profitable company by March of that year and has not looked back since. However, the company has not raised much funding at all. The startup’s last public round was less than $1 million back in 2019. The business has recently begun to take on investors from various companies, including the CEO of financial information company Sageworks, a former CEO at the software company Baker Hill, and seed business accelerator Techstars.
When commenting on his own business and the need for financial education, CEO and cofounder Bolun Li said, “We read a study the other day that parents are less comfortable talking about money than sex to their children. What we want to do at Zogo is to empower all the Gen Zers and have them spread this information among their peers as well.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.