Ann: Funds Under Management & Active Customers - October 2018, page-6

I think its going to be very challenging for them. They don't really have a clear monetisation model for the core business which is building investment assets.

Charging $1.25/month doesn't cut it and getting retail partners sounds good in theory but moves the product away from being a serious investment platform. They have done very well in acquiring lots of users on the cheap but monetizing them to an attractive LTV (and growing the SP) - i think the ship has sailed on that front. That would have been possible if they had stayed private and had big name VC backers. Ac

The IPO was pretty much a pay day for the management. I was looking to get in around 90 cents but just can't understand how can they grow the SP from here in a sustainable manner. On the call, the CEO talked about the partnership revenue and how that will play a bigger role. Fundamentally that is at odds with a product which is meant to help you save and invest for the future! I think users intuitively grasp that after using the app for a few months and it becomes more of a play thing for small amounts for majority of the users.