For McAndrews and Zukowski, the core mission in building Flyp was to narrow the wealth gap in the U.S.
There are roughly 60 to 70 million Americans who don’t fit into the traditional financial system. Some can’t afford to bank at the big banks. Some don’t trust the institutions themselves. And some, particularly younger generations, have simply become accustomed to better user experiences. They’re looking for something beyond the status quo.
“Those are the people we’re going after,” McAndrews said. “We are a consumer technology company that lays on top of a bank, so it’s a very modern way to offer finances to people with a great user experience.”
Flyp solves key customer pain points by offering a modern interface, early direct deposit, no hidden fees and a gamified reward experience, which will enhance customer acquisition, customer engagement and customer retention. They also plan on gamifying financial education through challenges, quests and rewards.
To bring Flyp to life, the team secured a partnership with Sutton Bank, an issuing bank that has partnered with some of the biggest fintech companies in the market, including Cash App and Robinhood. They also signed with Visa, who embraced Flyp’s vision and has a very strong fintech presence.
With those key relationships in place, it was time to determine how they would build the Flyp MVP app: build a DevOps team in-house or outsource to a third-party provider?
“We white-boarded both options, and outsourcing was the best one for us, in part because hiring an effective, cohesive development team would take longer than we had time for, at least for our initial launch,” McAndrews said.
In search of the right development partner, McAndrews and Zukowski considered multiple vendors all over the world. Then, their law firm, Morris, Manning and Martin LLP, recommended Dualboot Partners. In addition, Zukowski had leveraged the Dualboot team on a previous startup and had great results. They also discovered that Dualboot had worked on more than 20 fintech projects, which was a point in the firm’s favor. Still, they wanted to make sure Dualboot was the right partner.
“We must have had half dozen phone calls with Dualboot and drilled them with questions about how they would build it and how they would scale it,” McAndrews said. “I went out to lunch with Todd (Buelow, Dualboot Partners co-founder), and I said, ‘No BS, can you do this?’ He smiled and said, ‘Yeah, we can do this.’”