Woven Money
Empowering Financial Literacy with Credit Crush
Case Study
Most people find it difficult to understand and manage their credit card debt. This was the exact problem founders of Woven Money wanted to tackle with their startup. Their idea was to take the financial management insights gained from working with industry giants – like Amazon and Capital One – and use a gamified approach to help everyday people understand and manage their credit card debt.
Empowering Financial Literacy with Credit Crush
Client: Woven Money
Challenge: Revolutionising Credit Card Debt Management
Background:
Woven Money aimed to address the widespread challenge of understanding and managing credit card debt. Drawing inspiration from their experiences with industry giants like Amazon and Capital One, the founders envisioned a solution that leveraged financial management insights in a gamified format for everyday users.
Solution:
Woven Money found a strategic partner in Codewalla to bring their vision to life. The Codewalla team collaborated closely with Woven Money’s founders to develop the innovative mobile app, Credit Crush. Despite the challenges posed by the highly regulated fintech sector, Codewalla seamlessly navigated the complexities to deliver a robust solution.
Collaborative Learning:
The collaboration between Codewalla and Woven Money proved mutually beneficial. The Codewalla team, adept at handling the intricacies of the fintech sector, gained valuable insights into mobile development nuances from the Woven Money team. This exchange of knowledge facilitated the swift execution of the idea, leading to the successful design and development of the Credit Crush MVP within an impressive six-month timeframe.
Outcome:
Credit Crush not only met its ambitious goals but also garnered attention for its sound monetization model and socially enabling mission. The app’s success attracted investors, leading to its acquisition by Peer Street even before the official launch. Supported by prominent VC firms like Andreessen Horowitz, Thomvest Ventures, and Alpha Square Group, Peer Street and Credit Crush have continued to thrive.
Ongoing Impact:
Today, Credit Crush remains dedicated to its mission of empowering users to understand, manage, and pay off their credit card debt. With an interactive gamification approach, the app continues to make financial literacy engaging and accessible. The success story of Woven Money and Credit Crush stands as a testament to the transformative power of strategic collaboration and innovative solutions in the fintech landscape.