At Odin, we believe wealth should be accessible to anyone.
Odin is a multi-billion dollar financial services platform which helps create wealth for both our users, partners, and investors
We are currently in public beta.
Total Addressable Market:
US Banking Industry: $450 BLN in Fee Revenue
US Alternative Financial Services (AFS) Industry: $200 BLN in Fee Revenue
Problem or Opportunity
In America, it is expensive to be poor. The entire financial services industry has been built over time to serve the needs of the 65-70% of Americans who are “prime” customers. This has left 30-35% of Americans with costly and sub-standard financial services options, giving rise to a $200 BLN alternative financial services (AFS) industry that borders on predatory. The AFS category is largely still “brick and mortar” focused, and has largely avoided fintech-like technology disruption, which has largely focused on traditional financial services. Capturing a mere 1% of this category represents a $2 BLN annual revenue opportunity, and we believe we can be a true disruptor, targeting 5% category share (or $10 BLN in revenue) over five years.
Solution (product or service)
Odin Money provides “bank-like”, micro-finance solutions to the unbanked. Odin Money is a mobile-only banking solution that will provide checking accounts, savings accounts, mobile deposits, and bill pay, before adding micro-loans, micro-insurance, remittances, and any other financial service our users need.
This is enabled through a beautifully designed mobile application enabled by our proprietary artificial intelligence layer that helps the user find hidden ways to save money while reinforcing smart decisions through a proprietary rewards program.
Our competitive frame is relatively small. Primary competitors include "brick-and-mortar" AFS (Alternative Financial Services) providers such as check cashers, bill payers, and remittance shops. We do have a few digital competitors that we are tracking:
1. MoneyLion (USA)
2. Chime (USA)
3. Revolut (UK)
4. Monzo (UK)
Advantages or differentiators
Competitive Frame: the current competitive frame is fragmented in the US, but neobank providers are beginning to accelerate throughout Europe. Our primary competition in the US is the brick-and-mortar AFS providers; digital competitors include Chime and MoneyLion. We differentiate ourselves via our org structure (B-Corp), rewards program, data expertise, and business model.
We will achieve $1.5 BLN in revenue and 25M users in 5 years.
Business Model: We have five distinct monetization strategies:
Monthly Subscription Fee: We will charge $5-$7 / month for platform access (pending testing)
Deposit and Payment Monetization: We will accrue interest from deposits and will receive fee revenue from payments (i.e. card swipes, bill pay, etc.)
Marketplace: We will sell access to our customers via a marketplace approach
White Labeling: We will license our machine learning and rewards program to banks and/or financial institutions
Algorithmic Risk Scoring: We will build the most advanced behavioral customer scoring process in the market, which we will license to businesses wanting to better understand the target customer (i.e. “new FICO”)
Money will be spent on
Platform technology, app dev, and integration with BaaS provider, along with some growth and acceleration capital.
Offer for investor
We are seeking to raise $2.5M at a $22-$25 M valuation on a convertible note. Early investors will get more favorable valuation ratios.
Banking disruption is both a tailwind and a headwind.
Incubation/Acceleration programs accomplishment
Participated in Unbank Ventures Incubator Cohort #5; won first place at demo day.
Selected for Singularity University's Global Start-Up Challenge, Spring Cohort.
Graduated from INV Fintech's Cohort 6 Program as an Associate Member
Won the competition and other awards
Won Unbanked Demo Day for Cohort 5.
A patent has been filed for ML-based rewards program focusing on financial fitness.