|Description||Consumer finance lead gen|
|Seed, 9/09 |
A platform that provides targeted offers of consumer finance products based on user provided profiles.
CreditPing.com went live in beta in December 2010. Its primary model is to generate lead fees by helping consumers find credit cards and offers that they are more likely to be approved for by collecting financial profiles from its registered users and using that information to match them with specific, targeted offers. This has resulted in higher conversion rates and greater lead quality than other card sites. CreditPing’s registered users save time, effort, and credit score inquiries by using the CP matching model, while issuers reach the customers they want effectively and cheaply with the CreditPing platform. CreditPing will be able to extend this success to other related verticals, including pay day loans, debt consolidation, credit monitoring and identify theft protection, to name a few.
While spending just $15,000 on its initial marketing campaign (email, affiliate, strategic partnerships) from December 15 2010 through March 20, 2011, CreditPing has generated about 17,000 visits, resulting in 9,000 registered members (completed opt-ins AND 10 question demo profile), 3,400 of whom have actively reviewed offers, and over 800 clicking through to issuer’s application page (with an average blended fee of $55). This first campaign has proven that consumers are willing to give CreditPing information about themselves in order to receive “targeted” offers–which is the main premise and concept of CreditPing. With even basic optimization and tweaking of forms and creatives, response and conversion will dramatically improve.
CreditPing’s senior launch team is in place, the website and back-end have been tested, and the traffic acquisition strategy is well defined and ready to scale. The company is preparing to do an “A” round of approximately $3mm, which will fund traffic acquisition/marketing, team building, product development, and WC through 2013. By YE 2013 the Company expects about $10MM in EBITDA, roughly 800,000 active users, and a team of about 20 people.
In addition to the lucrative (and diversified) lead generation business, CreditPing will control a very valuable database of transaction-oriented consumers of all credit types who have proven to be reactive to financial offers. In addition, mobile credit decisioning, aggregated demand (social credit shopping) and branded products are all potential areas of lucrative growth for CreditPing that can be leveraged from the registered user base.
The company has a deck and executive summary for review, and wishes to schedule meetings with prospective investors during 2Q/3Q.