Development of a fintech saving and investment application based on data-driven learning algorithms and blockchain technology

Project Information

GOIN

Grant agreement ID: 889276

DOI

10.3030/889276

Project closed

EC signature date 29 November 2019

Start date 1 December 2019

End date 31 May 2020

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

PRAKMA INNOVATION SL
Spain

Periodic Reporting for period 1 - GOIN (Development of a fintech saving and investment application based on data-driven learning algorithms and blockchain technology)

Reporting period: 2019-12-01 to 2020-05-31

Summary of the context and overall objectives of the project

Goin is a fintech that redefines how Digital Natives achieve their objectives through automatic saving and investing, with a scalable and cutting-edge technology with data-driven Learning (High Performance Algorithm) and blockchain, to be used in order to save and invest money without knowledge about finances.

Goin has tested this product in Spain with limited functionalities, reaching more than 20.000 users and more than 5M€ of accumulated deposits. In addition, Goin has started its process of internationalization to Italy. Within this feasibility study, Goin hopes to create the foundations to be
an exponentially growing company for national and international markets, taking advantage of the growth opportunity of the fintech sector, which expects a 20% annual growth in the upcoming years.

After SME H2020 phase 1, conclusions accomplished are:

• A better understanding about adaptions needed to be made to scale-up the app in different countries.
• A better understanding about the decision making process, stakeholders and key European targets markets.
• An updated Business Plan and product development roadmap. New app updates are carried with powerfull functionalities, as well as new collaboration agreements to expand
• worldwide.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

During 2020, GOIN has been developing new functionalities in its platform, in order to continue expanding its product. The overview of the main results obtained after SME H2020 phase (compared with the previous period) is:
• Signups: + 34%
• HAUs Global: + 10%
• Funding Round closed : 5M €
• Team Growth: +60%

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Up to date (October 2020), the social impact of GOIN is global and measurable. More than 300,000 users have been reached, expected to reach 1M in the coming months.