Investor Update: Day 150

Sep 29, 2021 by Charlie Davis

Investor Update: Day 150
Moxey has three major priorities: growth, technology and funding. It’s been 150 days since we closed our initial seed round and we’re continuing to make substantial progress in each of these core areas.

500% Revenue Growth
In August, our monthly recurring revenue grew by more than 500%. Effective August 1st Moxey’s monthly revenue grew from just under $20,000 a month to over $100,000 a month. This substantial change for our business is directly due to Moxey’s continued growth and integration with pre-existing trade exchanges. We anticipate that this trend will continue and are actively looking for existing trade exchanges that want to join the Moxey network.

Searching for New Community Leaders
We are also actively recruiting new licensees to launch new Moxey communities around the country. You can learn more at franchisegator.com/licenses/moxey. If you know someone who might be interested, please send an email to Warren Sager (warren@moxeyusa.com).

Technology
Our new CTO, Jack Heaton, continues to deliver on our commitment to build the best community currency platform every designed. Last week we unveiled the most significant upgrade to our software platform since its original creation. Here is the note that Jack sent to community leaders.

The new user experience at app.MoxeyUSA.com no longer shares backend code with the old iOS/Android app. The major effects of this for the new experience are:
  • It’s fast!
  • Account and gift card balances will update instantly and be correct.
  • Eliminates those occasional crashes that take the app down for all users. Users may use the app as soon as they are added to MMS. They no longer have to wait to be allowed in.
Additionally, this update includes the following user facing features:
  • The Cash Reserve Account screen now allows users to remember their payment method. These are kept on file securely with our credit card processor, and once a card is saved, CRA can be reloaded in just 3 clicks.
  • Charts for Savings (purchases) and Sales have been added to the my account screen along with basic utilization statistics. Our goal with these is to begin to provide our members with fun, at-a-glance visibility into how they are benefiting from being Moxey members.
  • Transaction history has been added as a separate tab to the “My Account” screen.
  • A sharing menu has been added to every member directory listing. Users may now share a member’s listing to the platform of their choice (or email or text) with just a few clicks.
  • The new user experience now polls for balance changes every minute and will auto update balances if a member uses their Moxey card outside of the website.

As a reminder, we’re building a Mobile User Experience that doesn’t need to be downloaded through the app store. This allows us to bypass the delays involved with propagation and to publish new features multiple times a week. You can view the most recent upgrades at app.moxeyusa.com.

Funding
We are close to completing the required audit for our next raise. As a reminder, because we raised more than $500,000 via crowdfunding, we need to complete an annual audit before launching our next funding campaign.  

Thanks for all you’re doing to make Moxey and your community a success.
Storefront
Business
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Bullhorn
Ambassador
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