This is our first blog post since announcement. Ever since then, not a day goes by where we don’t receive an email or a DM complimenting our vision and work. We did not expect this to happen, not at this rate.
What we didn’t expect as well was all the requests for invites. We have kept Fold behind an invite code because we want to first polish it with a small group of beta testers. What was an oversight from our end was the number of people who’ll have to wait to try the app after only seeing glimpses of it on social media and on our website. As connoisseurs of software ourselves we know the inconvenience waiting in a queue to try something causes, but we have reasons. We haven’t been able to reply to DMs and emails requesting invites because:
- The costs: Each new bank account that gets connected to Fold incurs us cost, which we have to pay to our Account Aggregation partner. We have to find creative ways to build the app in beta while keeping our costs low. The only creative way we have figured so far is to be judicious with invites.
- Banks: The feedbacks that we’ve received after rolling first set of invites has majorly been about issues with Banks. We don’t have a lot of control over how or how quickly each Bank gets their infrastructure ready to facilitate secure sharing of data. We wish it was different, we don’t want to have people onboarding Fold and then be disappointed because of things outside of our control. As the ecosystem matures this will improve. There are a few Banks that have been working flawlessly, which gives us a lot of hope.
We are also planning to add monetary subscription to use Fold, this can help us offset the costs we incur. But that’s too far in the future until we get out of beta and make Fold so good that someone is willing to pay for the value they get out of it.
Furthermore, on the invites front, we’ll be dropping invites to the people who are already using Fold, this means there’ll be more people’s DMs outside of the Fold team to slide into for invites. Here’s a glimpse of how the UI is shaping up:
Again, thanks for all the love and support. Keep an eye on our Twitter for more updates.
P.S: We are hiring for multiple roles, refer someone you know, or join yourself.