Paydownhero

Paydownhero

A round-up app that helps user's CRUSH their auto loans

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Security Type
Convertible Note
Min Investment
$100
Location
Chelsea, MA
Offering Date
February 22, 2021
Expected Close Date
June 04, 2021
Target Raise
$150.00K-$250.00K

Company Description

We saw the problem of exploding car loan debt and how the American consumer is falling farther and farther behind. Unless you have excellent credit, you will be paying 7%+ in interest and spending so much more $ for the same car! It's an old industry that hasn't changed much in decades. Very little innovation and most 'new' products coming to market for consumers add debtby financing secondary purchases like winter tires, maintenance plans, cosmetic protection packages. What has all this accomplished? It has buried the consumer in terrible loans and made it near impossible to pull themselves out of.

Key Deal Facts

Massive scalability attacking a huge underserved market. We've got the first mover advantage!
We've already proven rapid, forecastable growth. With your investment we aim for 35%+ MoM growth ?
Built by Army Veterans to help credit consumers TRULY level up.
We're operating, growing, making money, help us reach even more users! ???
Our secret sauce is a unique, proprietary back end payment system that streamlines our process!

Use of Proceeds

$150,000

  • 60% towards marketing, growth and user acquisition
  • 20% towards team building (1 more junior developer)
  • 13% towards banking specialist hire
  • 7% towards WeFunder investment fees

$250,000

  • 70% towards marketing, social media expansion, growth and user acquisition
  • 23% for additional tech and banking hires
  • 7% towards WeFunder investment fees

Management Team / Advisory Board Bios

Kenneth Sargavakian
Founder + CEO
Entrepreneur, Army Officer, born leader. A career spent in every facet of the auto world. He built multimillion dollar brokerages within the industry and now shifting focus to making a true social impact! Erik and Ken met while serving in the Army!

Erik Rueda Founder + CCO
Builder of companies, Architect, Army Officer. Erik spent the last decade bootstrapping a design business from 0 to $20MM+ in rev. Investor in various ventures. Erik brings his design experience to guide the creative UI/UX side!

Jim Paris
Chief Technology Officer
An MIT PhD who sent his code into space. Jim has done groundbreaking work on software based systems predicting mechanical failures through power consumption analysis. Jim is the smartest person any of us have ever met.

Josh Heapes
Chief Growth Officer
Reformed banker. Clumsy surfer. Proud supporting early-stage companies where core financial services are critical. Favorite journeys include: ride-share tech with skyrocket growth and a fintech payment innovator from cozy co-working to $2B+ unicorn.

Cassandra Kral-Dillon
Chief Financial Officer
An accomplished mountain climber, CKD travels the world scaling impressive peaks! While not doing THAT she's been in charge of companies small and large, private and public. She brings a wealth of experience in operations and fund raising!

Ryan O'Donnell
Junior Full Stack Developer
Ryan is one of those young brilliant minds that MIGHT be too smart for his own good ; ) He is championing our backend improvements as well as crafting exciting new UI features for release!

John Power
Financial Advisor
JP has spend a career in finance @ Fidelity, Da Vinci Capital, and Santander. He brings with him a trove of advice, lessons learned, and wisdom to guide the team along this journey!
Amount Raised : $0
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Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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