In 24 hours this weekend, more users joined Fizz than in the months of January and February combined. Today, a new user has started signing up for Fizz every minute. Let’s get into the data.
When we launched, we spent months campus hopping, to learn from students and spread the word about financial adulting and credit building.
What did the data show? 80% of students came to us with no or very limited credit history.
Now, those same cohorts of Fizz users have been with us for between 8 and 11 months, many have great credit scores, and we noticed something very interesting in the data.
After between 6 and 8 months of using Fizz, users who came in with no credit start referring friends at >500% the rate that they did in months one and two.
Upon discovering this, engineering and growth sprinted to ship a new version of our referrals infra that would better support and reward our best users in referring their friends, family, and networks on campus.
Last week, we launched referrals v3 - giving users Minimum-Viable-Awkward tools to explain credit building to their friends (after all, you’re doing them a solid!), and much better aligned referral bonuses.
The results speak for themselves. Excited to enter the last month of our first year in business on a high.
