Inspiration
MyFund is inspired by the identification of the shrinking middle-class (or working class people) who have aspirations to earn more but don't have the time or difficulty in getting into real estate investment.
What it does
MyFund helps working class people save towards owning properties for a lifetime rent income via our National Hostel Project. They can save, buy properties and earn on the platform and then transfer it to their local bank accounts.
How we built it
We started with a pre-launch in 2020 with the webapp (php, laravel) at www.myfundmobile.com and had about 1000 users in two years.
Challenges we ran into
- High construction cost of properties and hence more time required — this has made us to active seek fund raising to deliver on our promises on time. We've got 2 small grants but still actively seeking to reach our next milestones.
- The need for a mobile app came by popular demand from users. And we've started building using js libraries (React, React-native, Node.js, etc.)
Accomplishments that we're proud of
- In the last 2 years, we had scores of people who have saved to sort their rents, started a new business, launched their first book, earned their first passive income, moved to another part of the world/town, etc... it's amazing.
- We got government approval to operate as an independent financial institution (2022)
- Invested over $28000 across multiple investments and paid out over $4000 in dividends.
What we learned
- Recruiting the right set of people and investing in continuous team development is crucial to startup success.
- The focus should remain on the customers and the solution that's being provided regardless of challenges.
What's next for MyFund
Next milestones:
- 10000 active users by October, 2023
- Launch of the new Enterprise Mobile App by August, 2023
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