PayDownHero
Early Stage
A round-up app that helps user's CRUSH their auto loans
Overview
Raised: $175,318
Total Commitments ($USD)
Platform
Wefunder
Start Date
03/04/2021
Close Date
10/07/2021
Min. Goal
$150,000
Max. Goal
$250,000
Min. Investment
$100
Security Type
Convertible Note
Series
Seed
SEC Filing Type
RegCF
Valuation Cap
$5,500,000
Discount
0%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
10/30/2021
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$812
# of Investors
63
Momentum
Funded
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Year Founded
2018
Industry
Financial & Insurance Products & Services
Tech Sector
Fintech
Distribution Model
B2C
Margin
High
Capital Intensity
Low
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: 03/04/2021
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