MEET GoNSave BIG STARTUP: Leveraging the power of data to empower gig workers’ financial autonomy.
Tuesday Jun 27,2023 | IIE News
Inspiration may strike us at any moment in life. But what sets entrepreneurs apart is the ability to execute an idea and make it happen.
From socioeconomic concern to the development of a personal finance app.
What keeps me up at night is that around 2.5 billion individuals, especially those in developing countries, don’t have access to formal financial services because they do not have a credit history or financial records. I dream of using the power of data and its ownership to unlock access to their records so that multiple institutions can offer them cheaper and fairer services.
GoNSave started when I recognized the common issue faced by gig workers in the delivery industry: the lack of reliable data and financial instability. The unbanked or underbanked typically do not have a credit history or access to credit; they are often forced to rely on alternative financial services that are more expensive than traditional ones. This can strain already tight budgets, making it even more difficult for low-income individuals and families to get ahead.
Understanding the struggles delivery drivers face, such as tracking fluctuating earnings and working for multiple platforms without making ends meet, I saw an opportunity to leverage AI and technology to address these challenges. With a passion for improving the financial well-being of gig workers, my co-founder Maria Andrea Prieto and I embarked on creating a personal finance app specifically designed for delivery drivers.
‘Zaver’ an app that help gig economy drivers build financial identity.
Our mission at GoNSave is to empower gig workers, specifically delivery drivers, by providing them with financial identity. We do this through a free finance app called "Zaver." The app helps drivers build their financial identity and access better financial opportunities. Through AI-enabled recommendations, Zaver assists drivers in increasing their income and offers a consolidated platform for visualizing earnings from various platforms. Additionally, GoNSave aims to bridge the gap between delivery drivers and financial service providers by offering them access to drivers' financial profiles and preferences, creating a win-win situation for both drivers and service providers.
The Journey with BIG: shaping GoNSave strategy and building valuable alliances.
Our journey with BIG (Business Innovations Generator) began in August 2021, and it proved to be an incredible experience for our startup. Joining BIG gave us valuable support from mentors and experts who offered guidance and advice on various aspects of our business. The access to these seasoned professionals allowed GoNSave to gain insights and perspectives that helped shape our strategy and decision-making processes.
Moreover, being part of BIG exposed us to potential investors and partners in the industry. This exposure was instrumental in fostering connections and building relationships with key stakeholders who could contribute to the growth and success of our venture. The interactions with investors and partners opened up new avenues for collaboration, funding opportunities, and strategic alliances.
Additionally, as a member of BIG, we had access to a co-working space, which provided a conducive environment for productivity, collaboration, and networking. Being surrounded by other innovative startups and entrepreneurs created a vibrant ecosystem of shared ideas and knowledge, further enriching our journey.
Participating in BIG also meant involvement in various activities, such as workshops, seminars, and networking events. These engagements allowed us to broaden our knowledge, refine our skills, and stay updated on industry trends and best practices. Furthermore, GoNSave was even invited to speak at events, which elevated our visibility and positioned us as thought leaders and experts.
Our startup challenges: consolidating our team and finding strategic investors.
GoNSave has encountered both ups and downs on our entrepreneurial journey. One of the major challenges we have faced is finding the right team to support our vision. We have been bootstrapping from the beginning, meaning we have been self-funding our operations with very little financial support from investors. Finding potential founders willing to invest their time, expertise, and resources into the company has been challenging. However, we consider ourselves fortunate to have Maria Andrea Prieto on our team. Despite this, we are actively seeking an entrepreneur with knowledge of data and technology to join us full-time and help drive the company forward.
Another challenge for GoNSave has been finding the right investors. As a money-making company, we seek strategic investors who bring financial support, industry knowledge, and a shared desire to make a positive impact. Finding investors who align with our mission and can contribute valuable insights and connections has been a priority for GoNSave. By seeking out the right team members and investors, we aim to overcome these challenges and further strengthen our position in the market.
GoNSave growth vision: making sustainable impact on the lives of gig workers on a large scale in Southeast Asia.
GoNSave have onboarded 3,000 drivers and generated $280,000 in revenue within 18 months since our launch. The company has been bootstrapping and experiencing a steady revenue growth of 30% quarter over quarter. We envision expanding our reach and impact by targeting the 1 million delivery drivers in the Southeast Asian region, specifically focusing on the Philippines, Malaysia, and Singapore. Over the next two years, we aim to onboard 130,000 drivers on our Zaver app and continue making a sustainable impact on improving the lives of gig workers and their families.
*Business Innovations Generator (BIG) is now accepting applications for its AUG’23 cohort. It is a founder-centric incubation programme that is designed to prepare early-stage startups for success through mentorship, dedicated resources, funding, and access to an investor network! Applications close on 30 June. More information can be found here.
Learn more about GoNSave here.