Carlo Kobe and Scott Smith were faced with a challenge that many other Gen Zers were also struggling with – a lack of financial education and resources. However, they didn’t just accept the status quo, they decided to take matters into their own hands. Dropping out of prestigious universities, the pair embarked on an ambitious journey to create a debit card for their own generation.
But their vision extended far beyond just a simple payment card. They wanted to empower their peers to take control of their finances and establish credit. And to do so, they turned to artificial intelligence and gamified financial literacy courses, making learning about money fun and interactive.
Their target demographic? College students aged 18 to 24. And their approach proved to be a hit – within just two years, Fizz had gained tens of thousands of customers. Along the way, they also made some unique decisions, such as building their own infrastructure instead of relying on other fintech vendors. And rather than using intermediary banking services, they forged direct partnerships with Lead Bank and Mastercard.
Now, with the announcement of $14.4 million in seed funding led by Kleiner Perkins, Fizz is well on its way to achieving its goal of financial independence for Gen Z. With a team of experienced engineers and designers on board, Fizz is ready to expand its offerings and continue growing its customer base.
One key factor in Fizz’s success is its partnership with colleges and universities, including all the Ivy League schools and top-ranked institutions according to U.S. News & World Report. And they’re not just relying on traditional marketing tactics – Fizz utilizes campus ambassadors and popular social media platform TikTok to spread the word about their services.
But Fizz is not just about providing a debit card. It’s also about equipping young adults with the tools and knowledge they need to make smart financial decisions for their future. And this includes offering budgeting tools and access to financial advisors, all while working towards their ultimate goal of crossing nine figures in annual card volume this year.
- Fizz employs a unique portmanteau acronym that not only describes their mission but also adds a dash of Gen Z flair – Financial Independence for Gen Z, with an extra Z for punch.
- But Fizz is not to be confused with another startup using the same name, which focuses on creating a social network for college students.
- With a team made up of senior engineers and designers from well-known companies such as Meta, Microsoft, and American Express, Fizz is ready to compete with major players in the banking world.
- However, Fizz is not just competing on features and services – it also takes pride in launching its product with two direct banking partnerships, rather than relying on third-party intermediary services.
- The company’s focus on financial education and empowering young adults with the tools they need to succeed is what sets it apart from other fintech startups.
- Fizz’s CEO, German immigrant Carlo Kobe, and co-founder Scott Smith, who hails from Detroit, both had personal experiences as young college students that led them to start the company.
- The struggles they faced in trying to obtain a credit card without established credit history or parental co-signers revealed a gap in the market that Fizz aims to fill.
- But Fizz is not just about providing credit – it’s about teaching young adults the importance of building credit, budgeting, and making wise financial decisions for their future. And with the added bonus of fun and interactive financial literacy courses, Fizz is making it easier than ever for Gen Z to take control of their finances.
- With the recent influx of funds, Fizz plans to continue expanding its offerings and hiring in sales, marketing, and engineering.
- And with a focus on AI-driven products and a strong commitment to providing top-notch financial services, Fizz is set to make a lasting impact on the Gen Z market.
Image Credits: Fizz
*End of article*
