PayDownHero

Early Stage

A round-up app that helps user's CRUSH their auto loans

Analytics

Raised to Date: Raised: $125,868

Aggregate Commitments $

Platform

Wefunder

Start Date

03/05/2021

Close Date

10/01/2021

Min. Goal

$150,000

Max. Goal

$250,000

Min. Investment

$100

Security Type

Convertible Note

Funding Type

RegCF

Series

Seed

Valuation Cap

$5,500,000

Discount Rate

0%

Rolling Commitments $

Status

Active

Reporting Date

09/19/2021

Days Remaining

12

% of Min. Goal

84%

% of Max. Goal

50%

Likelihood of Max
unlikely
Avg. Daily Raise

$636

Momentum
warm
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Location

Chelsea, Massachusetts

Industry

Financial & Insurance Products & Services

Tech Sector

Fintech

Distribution Model

B2C

Margin

High

Capital Intensity

Low

Business Type

Growth

PayDownHero, with a $5.5 million valuation cap, is raising crowdfunding on Wefunder. The company has developed a round-up app that allows users to apply their rounded-up transactions and incentivized micropayments to pay their auto loans. Kenneth Sargavakian and Erik Rueda founded PayDownHero in 2018. The proceeds of the current crowdfunding round, with a minimum goal of $150,000 and a maximum goal of $250,000, will be used for marketing, growth, user acquisition, team building, and hiring a banking specialist. PayDownHero has been developed by army veterans to help consumers truly level up. The company aims to grow rapidly and achieve a 35% month-over-month growth.

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$93

$0

COGS

$16,362

$16,767

Tax

$0

$0

 

 

Net Income

$-97,368

$-218,981

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$11,596

$2,504

Accounts Receivable

$0

$0

Total Assets

$11,596

$2,504

Short-Term Debt

$275,779

$181,385

Long-Term Debt

$0

$0

Total Liabilities

$275,779

$181,385

Financials as of: 03/05/2021
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