Fintech Companies to Watch: Flyp

Fintech Companies to Watch: Flyp

Flyp

Partnering with amazing customers gives us the chance to highlight their work.This time, we’re taking a look at Flyp, a business-to-customer (B2C) banking app that offers a social way for users to manage their finances.

Think of banking, and immediately gray suits, solemn buildings, and firmly calculated handshakes come to mind. Unless, of course, you’re thinking about Flyp. 

Although literally speaking there is no “fun” in “finance” (maybe “funance” comes close enough), Flyp is doing exactly that: bringing amusement into the banking experience.

Yes, anyone’s personal finances are a serious matter, but that doesn’t mean that the experience has to be dull. It has been for way too long, and Flyp is here to turn that around. 

As consumers venture towards their financial freedom, Flyp walks by their side, in the most engaging way possible, with the added zest of gamification and social sharing.

Flyp’s Mission: Financial Liberation

Is that a “y” instead of an “i” in Flyp

You bet, and that’s because their name is an acronym for their mission, their “why” (or “y”), if you will: To Financially Liberate People

You can’t get much clearer than that.

To do that, Flyp offers affordable and transparent banking services, available for anyone who wants to join. And as obvious as this might sound, practically no financial company focuses on this very basic aspect of banking. 

In other words, as BJ, one of Flyp’s founders states: “some can’t afford many of the available options, others don’t trust the traditional solutions, and many want a better user experience.”

In a nutshell, Flyp strives to be the most trustworthy, accessible, and fun banking option out there. This is a finely balanced task, backed by decades of experience.

Flyp’s Founders: Meet BJ and Gary

BJ McAndrews and Gary Zukowski, the two people who first dreamed, and then built Flyp, have been working in the finance and technology industries for over 30 years. In other words, way before we could even conceive of using apps on a device called a mobile phone.

When it comes to experience, BJ and Gary can safely say that it’s a matter of quantity and quality.

Gary has built disruptive technologies in government, finance, transportation, and human capital. His biggest joy is delighting customers by overdelivering value.  

On the financial side, BJ has worked for some of the largest banks on Wall Street. His understanding of the financial struggles of many Americans comes from personal experience: he clearly remembers hearing his parents discuss worries about paying the mortgage or the electric bill. 

Combining the accumulated knowledge and technical expertise of their respective fields, BJ and Gary decided to make a difference in banking. This decision was born of a desire to redefine modern banking by eliminating the outdated processes and ridiculous fees that so often hinder financial success.

How Flyp Is Reimagining Modern Banking

One fine day in 2020, BJ and Gary sat down and started Flyp. The goal was (and is) to build a new financial ecosystem—one that is social, inclusive, and fun. In industries like health, music, or video streaming, this concept has been around (and extremely successful) for some years now. Finance was lagging behind.

Flyp can best be described as a business-to-customer (B2C) banking app that offers a social way for users to manage their finances. They currently have a digital wallet and debit card with no credit check. 

Every time a Flyp user swipes their card, they have the chance to win rewards by playing simple games, such as spinning a virtual wheel. Plus – and this is no small detail – they have no hidden fees

As they grow, BJ and Gary plan on including additional financial products, such as NFTs, crypto, and virtual gathering spaces.

Flyp’s aim is to leverage gamification to drive financial liberation and build a community of Financially Liberated People (remember their “why”?). The company aims to:

  • Improve users’ financial literacy as they spend.
  • Incentivize responsible financial behavior by making finance shareable.
  • Improve the traditional banking experience with a highly responsive and immersive product.

Other Flyp features include sign-up bonuses, early access to wages, and automatic direct deposit of paychecks.

How CSTMR Is Helping Flyp Flip Fintech

In mid-2021, CSTMR and Flyp joined forces to prepare for Flyp’s product launch.

The goal was to raise brand awareness and drive users to sign up for Flyp’s waiting list. Considering how exciting Flyp’s value proposition was, one of our biggest challenges was to come up with a strategy that was, at the very least, equally enticing.

Flyp was looking to achieve a customer acquisition cost (CAC) of under $30 across paid channels—we achieved around $10 CAC.

Through our paid media, influencer campaigns, referral and partner programs, blog articles, organic social, and overall PR efforts, we managed to exceed our initial 10,000 sign-ups goal: prior to launch we hit over 18,000 sign ups.

One of our strategies was to utilize paid channels like social media and YouTube to build an audience (or a following) of prospects interested in what Flyp does, and gently nudge them to become customers over time.

We also helped them track the user journey inside their app, optimizing paid media campaigns for customers who pass “know your customer” (KYC)  identity verification. 

Wake Your Brand Up With CSTMR

With a clear mission and vision, Flyp is here to make banking (and financial liberation) fun, reliable, and social.

Just like the good people at Flyp, here at CSTMR we believe that fintech marketing tends to fall on the boring side. But worry not–we’re here to bring the spice, turn the volume up, and tell your brand’s story

If you want to launch, scale, or update your fintech product, reach out to us to learn more, and we can work together on what you need.  

Picture of Rory Holland
Rory Holland
Rory Holland is CEO and Co-Founder of CSTMR. For more than 20 years, he has made it his passion to help Fintech and financial companies leverage digital marketing and advertising to drive growth.

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