The Startup Changing the Way We See Debt

The Origin Story of Fintech Startup Debbie

Screenshot of Debbie website.

When it comes to paying off debt and hitting your financial goals, sticking to a solid plan that guides you through the process from start to finish is absolutely essential. Getting out of debt isn’t a walk in the park either, requiring individuals to motivate themselves and forego instant gratification now for wealth building in the future

This is where Debbie comes in – the first fintech startup to create a rewards platform for debt payoff. Instead of muscling through your financial goals, Debbie users can get paid for sticking to their goals and building a debt freedom plan for them to follow. 

Instead of feeling embarrassed about their debt, users of this innovative app can now feel motivated and supported on their journey to debt freedom. 

In this startup origin story, we’re going to explore what the team behind Debbie did to launch their startup and the strategies they used to grow it into the platform it is today.

Origin of the Startup Idea

Debbie was founded in 2021 with the vision of helping borrowers transition from debt holders to wealth builders as quickly and efficiently as possible. Instead of following traditional debt payoff methods, the team of co-founders decided to pursue a brand new strategy that involved giving cash rewards to users who took the advice provided by the app and followed through on their goals. 

Having worked in the financial industry before starting Debbie, the co-founders used their experience in venture capital and consumer lending to solve a glaring problem they saw in the marketplace — all of the existing debt payoff solutions were incredibly subpar.

They became deeply ingrained within the debt freedom community and frequently conducted individual interviews and polls with their target market in order to validate their idea. After speaking with a number of individuals on Instagram and Facebook communities, they understood that the current solutions on the market weren’t built to help people pay off their debt. Financial institutions were always trying to push additional debt on consumers, and the technology solutions that did exist were trying to “automate the problem away.”

Eventually, Frida Leibowitz, Rachel Lauren, and Maxime Fourmault got together and started Debbie in order to help individuals worldwide become debt-free and receive cash rewards in the process.

Development of the Startup

From the very beginning of their journey, the founders of Debbie decided to put their customers first and began acquiring their first set of customers through social media communities. They created content for debt freedom communities on Instagram and Facebook and partnered with key influencers in the space in order to begin building a brand. 

Their ultimate goal was to find their target market — the 40% of American families who are in revolving credit card debt — and offer Debbie as a solution that provides motivation, support, and guidance. 

Debbie’s hook, “Get Paid to Pay Off Your Debt,” was key to getting customers interested and excited about their solution. People were attracted to their startup through this catchy phrase and wanted to learn more about the brand. 

In order to join Debbie, users currently have to request an invite and be accepted from a waiting list. 

The co-founders determined that their primary KPIs for customer acquisition and growth were: 

  • Waitlist growth (currently at over 10,500+ interested users)
  • Conversion rate from the waitlist (hovering around 30%)
  • Cost per lead (approximately $1.50)
  • Cost of customer acquisition (approximately $5)

As Debbie continues to grow, the team has an ambitious vision for the future. Their goal is to have a world where every debt-laden household can become debt-free and on their way to building long-term wealth through Debbie.

What’s Next for the Startup

The Debbie team made promises, built a community, assembled an audience, and acquired the startup capital they needed to launch their business — their next most immediate goal is to make good on their promises and create a community of satisfied customers who are loyal to their brand. 

The founders will continue to focus on adding value to people’s lives in as many ways as they can. The continuous goal is to keep focusing on user issues, get user feedback, and try to determine what features to incorporate into the Debbie app next. With existing features, the plan is to analyze them and determine what might need to be tweaked in order to satisfy customers and give them a superior user experience. 

This is what building a startup and developing a superior product is all about – understanding your customer’s true wants, needs, and fears, and doing everything in your power to solve those problems in order to help them live better lives. 

Getting paid to pay off debt is a new, innovative concept in the fintech industry that has serious potential. Households who are stuck in the cycle of revolving credit card debt often need outside assistance in order to start their journey to debt-freedom, and the Debbie team is dedicated to making that a reality. 

Unlearning the bad habits people have known all of their lives and learning how to handle finances and money properly are essential life skills that the Debbie team yearns to teach to the masses. 

With so many Americans struggling and in debt, it’s time to stop being embarrassed by debt and start using the innovative approach Debbie provides to motivate individuals and support them on their journey to wealth building and financial freedom.

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