http://mytruemoney.org
TrueMoney - Executive Summary
Matt Thazhmon, Founder & CEO
matt@thazhmon.com
(407) 489-4242
TrueMoney is next generation personal finance software: a product and platform that enables consumers to make better financial decisions on a day-to-day basis.
TrueMoney is the only product that analyzes all financial transactions at the item level (for example, Seinfeld Season 4 from a Best Buy receipt) to deliver personalized recommendations that save our customers time and money while helping them improve their financial health.
TrueMoney enables our customers to save money in ways that currently do not exist. A simple example is automatically analyzing a customers grocery purchases to recommend the store that will save the most money. TrueMoney enables our advertisers to target consumers in ways that currently do not exist. A simple example is Wal-Mart delivering ads to consumers who shop at Target, specifically targeting the items they purchase at Target.
Consumers face many financial questions: Should I rent or own my home?, How long will this product last?, Whats the best deal on this TV? and so on. The answers enable informed financial decisions that save money. The problem is that these questions are endless, while the time and data the consumer has to answer them is not. As a result, consumers do not make good financial decisions and consequently face the pain of losing money.
The closest competition to TrueMoney is existing personal finance software such as Quicken and Mint.com. The competition focuses on showing the customer where their money is going instead of solving the customers actual pain of losing money. For example, a Quicken customer is trying to decide if she should renew her Costco card. Quicken doesnt record the actual items purchased and so doesnt allow for price comparisons of purchased items between Costco and other stores. As a result, the customer goes thru the pain of losing money by guessing instead of actually making an informed financial decision.
Our companys solution to this pain is our launch product: TrueMoney. TrueMoney is Facebook for finances, a web application that solves the customers pain by proactively presenting the customer with upcoming decision points, the available options and the recommended choices. Informed financial decisions require analysis of the actual items purchased by the customer. This includes identifying the items, how long they were used for, related transactions and so on. TrueMoney is the only product that analyzes all the items purchased by each customer across all merchants to deliver personalized recommendations that save each customer the most money.
TrueMoneys business model is built on attracting customers to the product by making it easy to save money by making informed financial decisions. Revenue is generated primarily from our ad engine, TrueAds. TrueAds is the only ad engine that analyzes all the items purchased by each customer across all merchants to deliver personalized ads that target items each customer is predicted to purchase. The best indicator of what a customer is likely to purchase is what the customer has already purchased, i.e. his/her spending history and purchase patterns. This is exactly what TrueMoney provides. Our TrueAds engine provides a marketing channel based on what customers actually purchase and not keywords, surveys etc. Advertisers benefit by delivering ads that target items the customer is planning to purchase. Customers benefit by seeing ads for items they are planning to purchase. A simple example is Best Buy advertising Lost season 4 to customers two weeks after they purchase Lost season 3 from Circuit City. Our other revenue streams include licensing our TrueTransaction and related technologies as services to third parties in addition to monthly subscription fees from customers who want the recommendations but not the personalized ads.
Our target market is the 95 million online banking customers. The target segment is the 25 million customers of existing personal finance software. The target size within five years of launch is $77 million in revenue and $18 million in net operating income. We have completed our prototype stage and are seeking $500,000 to bring the management team and engineering team on board and continue milestone 1 of the engineering schedule.
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