Hi,I’m looking to enter the fintech space with an app that allows you to round up the change and save money automatically, kind of like ASB save the change and want to offer an option to invest that into their kiwisaver funds. I’ve got a good team together with an investment banker & a software lead, and my background is in starting retail businesses.I understand there are some potential FSP requirements involved. We’ve almost finished the MVP, around 4 weeks away. However, as we write the pitch deck, we’re trying to see how to prove traction despite not being able to actually make any sales, or launch the app without legal compliance – which we’ve been quoted between 20-30k from most law firms. Which metric do investors look at for fintech’s where you can’t prove revenue or no. of users?How do we give ourselves the best shot at proving our demand besides sign-ups? Or are the investors looking for something else when it comes to this industry?
Question submitted 08/09/20 @ 05:20am