2 days before Halloween 2017 I was at my granny’s when the phone rang. I discovered she was paying 4X what I was for a worse service of subscription television. That’s not right. Our banks have this information but can’t do anything about it. I decided to found a startup that could.
Open banking lets us unlock the value of our data and exploit being part of a bank that has millions of users to get better value. We can enable that today. Our mission is to help every single person in the world pay the lowest price for all their bills and expenses. This is the path of least resistance to get the world on chain.
To do that we must enrich consumer data more than any other company in the world. This must work with any bank initially — sign up once, save without doing a thing, forever, for free. That is exactly what we will do.
Saving people money is to us, what books were to Amazon. A way to help millions of people save billions of £/$/€. This blurs the line between data and finance, the analog and digital worlds, and we build the world first personal data bank.
You own and control all your data
Finance is the first step
This is the killer app of blockchain technology. You get back ownership of your information spread across millions of servers online. You choose how to use this currency.
You benefit from it
My startup was built to make sure my Granny was never exploited financially again. The FT published an article last week saying vulnerable and exploited groups pay £1,500 a year too much for their services.
We can put a stop to this for good
Step 1: save people money
Step 2: give them ownership of their data
Step 3: enable trust without intermediaries
Step 4: let you own the brands, products, services you consume
FinTech businesses need to be bolder and braver with the vision of the future. We are trying to build the most efficient way to do it is from millions of different points that converge 10–15 years from now
3 things are needed for that to happen
- a passport to participate
- a protocol for a data bank
- a standard data format that enables applications to be built on top
We cover the first two.
Who’s building everything else?
hat’s the world I want to live in
Taking back control means decentralizing it and giving ownership of all things to all people.
That requires infrastructure
It won’t be easy
It won’t be quick
But it will be worth it
Millions of people owning and controlling their data have the power to dictate the architecture and terms of participation online. There’s no need for businesses to store any of our personal data, we can give them tokens to access what’s necessary which we can revoke at any time.