Update #10 – May 2023
Sign up for monthly investor updates. Every month, Ocho Founder, Ankur Nagpal, sends this public list the (almost identical) update sent to our stakeholders. Sign up to receive the next update.
Update #10 – May 2023
Back to reality in May.
As I shared in the last update, April was a month of growth and May was all about paying back debts. We shipped a lot, built goodwill with existing customers but traded it off against much slower growth (from 50% m-o-m to 10% m-o-m).
I’m lowkey kinda nervous for the next few months since literally no one thinks about retirement accounts over the summer, but it’s going to be a fantastic time to build a lot of missing core functionality so we’re in a good place for when the busy season begins.
Revenue (MRR): $8,865 (+12%)
Customers: 438 (+12%)
Runway: 25 months
- We sent our customers the standard Product-Market Fit survey to see how close we are. Turns out we’re at pretty decent PMF amongst our engaged cohort of Solo401k users that are using the investing platform (50%+ would be “very disappointed” if we didn’t exist) but aren’t quite there on the users using the education platform.
- We launched a custom financial plan + access to a financial advisor for users on our Pro plan. Literally just got it out a couple of days ago, so still building + testing but a lot of people have been asking us for guidance so we’re excited to ship this.
- Paying off debts – we spent a lot of April selling, so we basically didn’t sell in May and instead focused on serving.
What’s Happening This Month
- A big theme in what people ask us for is “Can you just do everything for me?” so we’re working on launching a robo-advisor feature that will automatically invest on behalf of people based on their risk level and retirement age. Unlike Wealthfront / Betterment etc. we plan to launch this with 0 AUM fee so it will be a very competitive product on the market.
- We still have some ways to go to better integrate education into our core app experience and will be spending a lot of June trying to build contextual learning inside the app – particularly within the financial plan we offer people.
- We’re going to experiment moving a larger trust account over which should boost AUM #’s over – and could be something we offer to other customers as well eventually.
How You Can Help
We’re in build mode so no asks. We’re always accepting new customers, so if you know anyone that:
- Wants to start a Solo401k or wants to move over their Solo401k
- Has an IRA with Betterment / Wealthfront etc. but doesn’t want to pay an AUM fee
- Wants a custom financial plan with a financial advisor
Please send them our way and we’ll take care of them.