Loved rebrands to Flyte as it readies to launch crypto and credit-building banking for Gen-Z teens
My co-founders and I started Loved (loved.com) — a saving and investment platform for the next generation — on the premise that families want to do more for their loved ones, through early saving and investing, and building good financial habits that last a lifetime.
We’ve been able to achieve consistent and exponential organic growth (funded accounts and total assets) with this core proposition with a high level of word of mouth and a low customer acquisition cost (“CAC”) and total marketing spend.
One of the biggest realizations and external market forces is the hugely growing interest in investing in particular amongst teens that want to make their money work for them and give themselves every possible opportunity in their future.
Gen-Z teens are increasingly focussed on building their success earlier than any other generation because of the visibility and growth of young people’s success stories. This is driving a movement of focus of gen-Z of achievement unlike other generations prior.
This gen-Z teen demographic is only now just starting to be offered products where they are the centerpiece. We have seen this recently with teen banking, yet the same is not yet the case for investing platforms which are majorly focussed on the adult demographic besides of course Flyte (previously Loved), where we have seen this first hand.
It’s these core insights that bring us to double down on teenagers, and with it a whole new brand — Flyte.
Our new brand — Flyte
We exist to democratize financial success for gen-Z and our new brand recognizes that — the look and feel is inspired by the product offering and emotional benefits of getting off to a flying start financially. We do this through the theme of upward movement and taking flight. It’s a bold, distinct and recognizable brand that sets us apart from competitors.
We will be rolling out this exciting brand evolution with our new app and landing page, alongside some very very exciting product additions — crypto and banking — in 4Q21.
Crypto (Launching 4Q21)
After launching our beta, we’ve been focussed on increasing functionality and user experience based on customer demand for more and more from our offering. More than any other request we have received, we have had an overwhelming interest to add cryptocurrencies to empower teenagers to get a head start by buying and holding some crypto into their future.
We remain the best way for a teenager to invest in stocks and ETFs, completely commission-free, but now we’re adding crypto.
Crypto is now in waitlist mode and we will be unlocking access to the major cryptocurrencies this quarter on Flyte including Bitcoin & Ethereum — to provide access to teens to hold crypto and letting them be involved in this new era of the financial system, and obtaining a head-start towards their future.
This is just the start of our journey with crypto and we have plans to empower our customers with a huge amount of functionality involving crypto, driving the future success of our users.
Following the launch of crypto this quarter, we will be following that up with our Credit-building banking product launching 1Q22.
Credit-building Banking (Launching 1Q22)
Flyte is built on the concept of creating your financial head-start, and that involves more than just investing, but money management.
With our customers investing for the long term, often dollar cost averaging with automated recurring investments, they are looking for a way to have their financial home. A way where it is easy and convenient to earn, spend, save and invest, all on the one platform — and where it’s easy to send and receive money, stock and crypto amongst family and friends.
Well now we are announcing the launch of our banking product in 1Q22 and we are so excited for our customers to build Flyte as their financial home.
Of course there’s more…
Two big feature launches banking and crypto which gives us a strong foothold to empower our customers’ financial lives in 2022 and beyond.
While these feature launches are important, we are here to deliver the best experience and functionality possible.
We have a lot more in-store beyond our crypto and banking products, such as getting your paycheck direct deposited (2-days early of course), controls that give the most freedom and flexibility to your money based on your personal preferences and features that enable better automation of your wallet, to take the regular thought process out of managing money and being assured that we’ve got your back.
By combining saving, investing and banking into a simple and easy to use platform, it not only provides our customers a huge amount of value, it gives us the best opportunity to deliver our customers financial success through simple and automated money management as we continue to build towards our mission.
Dave Hannes and the entire Flyte team
dave@getflyte.com
