Money Medics: Nicholas Agwuncha, Ashley Agwuncha, Eve Obasuyi
Names: Nicholas Agwuncha, Ashley Agwuncha, Eve Obasuyi
Company Name: Money Medics
Date Launched: 01/01/18
Which university did you attend?University of Essex and University of Kent respectively
The millennial money advisory service bringing much needed financial know-how right into the wallets of generation Z. We hear all about how Money Medics is looking to take the fintech world by storm, using social media to fit around the busy day-to-day.
Before you get started, if fintech is something you’ve not heard of before, then why not read our page that’ll prove the answer to the question: what is a fintech start-up?
Tell us what your business does:
Money Medics is an infotainment platform that aims to educate millennials on all aspects of personal finance by taking lifestyle approach to growing their money. We are building platform through social media that will connect users to new and existing fintechs and financial institutions.
Where did the idea for your business come from?
Whilst fintech has seen huge innovation in the last decade, personal finance advice has been slow to adapt to the real needs of Gen Z. The service aims to bridge the advice gap and disrupt the way millennials see and receive financial education.
How did you know there was a market for it?
During a few years of research, it became clear that learning how to manage money well was considered important for millennials. We found that aspiring to one day own a home was a key concern, however, having a social life came in at a higher priority.
Our research showed that one in five young adults said they were not confident in managing their money and nearly two-fifths said they did not know where to go to get help with their finances. Therefore, we created a neutral platform that would make personal finance engaging and provide guidance on the right products that would suit the millennial lifestyle.
What were you doing before starting up?
Working full-time as a strategy consultant for investment banks/pharmacists.
Have you always wanted to run your own business?
Yes, it’s always been a dream of ours!
How did you raise the money?
We bootstrapped having made savings from our salaries.
Describe your business model and how you make money:
We earn money through user acquisition based on a subscription model. Our partners get to be hosted on the platform, granting them access to the user base and various corporate clients requiring workshops.
What challenges have you faced and how have you overcome them?
The main challenge the company faced was demonstrating to our audience that we are a trustworthy and credible platform. The business has overcome this by collaborating with more established brands and using real life case studies to connect with users.
What was your first big breakthrough?
Winning a mandate to work with a global editorial magazine to deliver a workshop/panel event on the topic of money management.
What advice would you give to budding entrepreneurs?
We would place a strong emphasis on conducting thorough market research and validating the proposed hypothesis with friends and family. This will allow you to gauge whether there is a market for your product and service. Also, don’t be afraid to cold call potential stakeholders, as they may prove pivotal to your business.
Where do you want to be in five years’ time?
Our dream is to develop into a digital banking platform to create the UK’s first digital private bank for millennials.