They are doing well, completely rebuild the app so they now got a really platform to grow from and add more functionality. They have been steadily growing users as well.
They differ from those that you mentioned though, they donāt do roundups. Roundups only add up a little bit here and there. Chip has an algorithm that based on previous spending behaviours estimates your disposable income at the end of the month and then on a weekly basis takes some money from that.
Roundups hardly add up for me, but with Chip I save much much faster. They are also more flexible, when it knows you got an expensive month ahead, then it will take less money out, so you wonāt go into overdraft.
Chip definitely helped me save, but I always found the algorithm a bit aggro, even on its lowest setting. But it may be different now theyāve relaunched.
Yes. They had product problems rolling out their new version (older discussion here) but Iād guess everything has settled down now. I havenāt used it recently though.
I saw Plum at an event recently, it seems very focused on microsaving and switching services - it felt closer to a Monzo for me. Then again Iāve been known to not pay full attention sometimes
They launched Chip 2.0 which has the same functionality but rebuilt from the ground up. They will now release new features on top of it:
goal based saving - now live
team-based goal saving - i.e save with friends towards common goals
Chip X, where for a monthly fee you can do micro P2P loans to other members of the community to stop them from going into overdraft, take them out of high-interest debt, etc.
I was lucky enough to invest them during SEIS although small amount as it is in very early stage so risk is high whereas FT, Chip etc referred in above discussion, the risk is much more reduced so higher investment. I like to invest in every round when company move towards maturity level rather than big one in initial round to avoid a situation like Tandem where after 1st round , 96% of value is lost (1st round share price Ā£15, 2nd round Ā£0.60).
Thatās correct. Long story short, they were in trouble and additional money to acquire Harrods Bank (to gain the banking license along with loan book), it is price 1st round investors paidā¦this is the risk with startups . Of course recent round it recovered a little bit but way off from original round price
Tandem was different, there were already Monzo, Starling and others more advanced, Tandem got late to the party and executed poorly.
Genuine Impact doesnāt get late to the party, I have been looking for useful apps like this and the closest I have found was SimplyWallSt and I am not finding that one particular useful. You also got Stockopedia, but itās rather old school and although they allegedly will release an app later this year, itās desktop based. Srockopedia peices are also high - if you want UK/US/EU coverage you end up paying north of Ā£600/year.
I think Genuine Impact has a real chance. I stuck Ā£1k in them.
I found Genuine Impact rather deficient and not yet built up for adequate usage. The information is very minimal, it is comparable to SimplyWallSt as you suggested.
I like their roadmap, especially the portfolio analysis section, hence I hope they get better over time, as well as make proper design for iPhone X. For now, I do not see them any better than Koyfin (albeit desktop only) and alike.
They were very clear though that they put out an app that they were almost embarrassed about themselves, so people could at least have a play with the very very basic app before they decided to invest.
There is a reason they were eligible for SEIS funding - if itād be all singing and dancing, they wouldnāt be so early stage.
Their roadmap is interesting and I have seen some demoes around visualisations that they are doing that look very compelling. To me at least.
As always, the proof remains in the pudding though.
Tempted to take a small bet too. I have read all posts on the campaign forum and watched all videos. Like the product, like the team, acknowledge the market need but yet I am having difficulty to connect all the dots and not 100% convinced why these specific guys want to address this pain point
Why do people prefer Genuine Impact to SimplyWallSt? As far as I can tell SimplyWallSt provides more information as well as explaining its metrics in a clearer way. Ultimately both are tools for reaffirming your own research, is the appeal of Genuine Impact that it is more streamlined?
I prefer SimplyWallSt for the design and visual stuff, they are clearly way ahead versus the Genuine Impact beta.
SimplyWallSt is excellent at screening the market based on individual scores. It pretty much does the same as my process for finding value stocks before. They have a checklist of ātestsā a company can pass which gives them one point in that area e.g. If you P/E ratio over one, if yes then one point in value.
Genuine Impact takes a slightly different approach, the closest comparison is Stockopedia. They look at the ratios and then compare it against all other stocks.
I can do my own individual analysis for a company, which SimplyWallSt does in a great graphical way, what I canāt do is benchmark across the whole market.
For me thatās the key and why Iāve become such a fan, I can scan the market and get a nice top 5, top 10 firms Iām interested in and then do my deep dive into just those. So it help with reaffirming but I primarily use it to help narrow who I look at.
Plus they cover funds, which is super helpful for me. My portfolio has a split of stock picks and funds.
Iāve never thought of it in that way, I does speed up comparing stocks which was my biggest time sink.
Thank you for such a thorough answer, thatās really helpful.
So you are researching a stock that youāre interested in and using SimplyWallSt as an aid to that, and then checking that stock on Genuine Impact to see how it benchmarks in a more general sense?
As Genuine Impactās ratings are all benchmarked across all industries - could this lead to interesting skews where certain metrics have different acceptable standards in different industries?
Totally agree here. It is very useful they include funds.
Iām just using Genuine Impact to do my screening and then I do the research and sometimes double check my portfolio with them. I donāt trade that often.
I have seen this. One feature they mentioned is being able to cut the data yourself. If you want to have a ranking for just banks for instance or maybe you care about value over their momentum scores.
Be interesting to see what this really looks like when itās done.
I think if you had the option to have the scores calibrated to specific industries it would make it far more powerful to a lot of investors especially those looking to diversify.
