TrustEgg targets a massive market that traditional financial institutions are not targeting. We've developed solution that includes the characteristics of a consumer social company and the long lives and high LTVs of financial services.
The market is child savings - $1.3 trillion saved.
The competition is 529 plans - only 3% of families are using them because they are complicated.
Everyone else is using regular checking and savings accounts with zero interest because they can never get the $3000 minimums to open an account.
TrustEgg is a trust company and we make complex financial products simple.
We launched in February and have seen pretty amazing traction with almost zero marketing budget. See the numbers below.
Originally a YCombinator company, Foresight Ventures, the founders and Angel investors have been funding the company through this stage. We are seeking an additional $400k to continue to test various marketing channels and partnerships.