Reach Technologies Incorporated (Reach) started operations in 2016 on the 10th of July. The fintech startup has developed financial solutions with the use of artificial intelligence and machine learning to help people record and track expenses.
Reach improved its mobile app and announced in October that a new update to the app was available. The new update included the goals feature. With this addition, users could save towards big future projects or financial goals on the app.
With the financial details obtained from users through its mobile app, Reach is able to provide crucial financial insights such as liquid net worth and sustenance score to its users.
With the liquid net worth information, Reach lets users know how much their financial strength is based on the record of their expenses and savings. Through this information, the user can make helpful choices on how to grow the net worth and what investment options they should consider.
The sustenance score equips users with the knowledge of how long they can live off of the money they have accrued before needing additional cash inflow.
To improve its operations, Reach has had one round of angel funding. According to a crunchbase documentation, this funding was by Idris Ayodeji Bello and took place in 2016 on the 17th of November.
Reach participated as one of the class four cohorts in Google’s Launchpad Accelerator where it received additional business aid to stengthen its operations.
To drive participation with its mobile app and encourage more people to become subscribers, the fintech startup has done media campaigns with cash giveaways.
According to an apptopia analysis, the fintech startup’s mobile app had a total download of 1,127 for the month of October.
The startup has found more ways to put its collective financial knowledge to good use. On the 29th of August, 2019, Reach launched its debut book on financial literacy.
The book which was titled the Money Brain was launched at a closed event in Lagos.
Reviews from users of Reach’s mobile app show that people have found the fintech solution to be helpful in tracking, entering and recategorising their expenses as well as saving for rainy days and future expenses. Good job, Reach.