Shastic has developed a unique platform in the world of financial services. The company’s platform is the first of its kind and offers a suite of business apps for financial institutions on Facebook. The business suite consists of two main products: The Mortgage Calcubot and Auto Loan Calcubot. These apps allow a financial institution to turn their Facebook Page into an effective lead-generation system that brings real loan applications for their organization and creates meaningful engagement among their customers, members and prospects on Facebook.
The company’s magic sauce consists of three things: a first-mover advantage on a fast-growth market; a simple, elegant and powerful product line that offers Financial Institutions, a tangible way to tap into the immense Facebook demographic of +1 billion users per month; and a disruptive business model for selling financial technology labeled apps-as-a-service, which leverages Facebook to allow Financial Institutions to adopt and begin offering the latest technology to its customers or members in a matter of minutes, not months, and completely eliminates the need for internal IT staff.
The company has already eliminated important business risks, such as the development and testing of the product, market and business model validation and securement of first adopters. Shastic’s current clients include top 30 credit unions and industry leaders such as Kinecta Federal Credit Union, Logix Federal Credit Union, Numerica Credit Union and Scott Credit Union. The company is planning a fast expansion of its current line of products to include other areas of service, such as customer support and member education through Facebook.
Shastic is backed by Berkeley Ventures, a high-tech business accelerator in Berkeley, California. Shastic has also established a partnership with mobile banking provider AccessSoftek, which works with over 300 Financial Institutions in the U.S.