MasonPay is a FinTech app that was created to help users build a plan to pay off their debt more efficiently. By linking up their accounts, MasonPay builds a customized debt payoff plan based on a monthly budget.
While most firms in the FinTech space focus on helping users invest, very few companies were approaching debt payoff and those that were had large amounts of funding to back their marketing campaigns. As a bootstrapped startup, MasonPay needed break the stigma surrounding debt and build a marketing strategy that would generate new users without breaking the bank.
After establishing a strong and thoughtful brand identity, Finovo’s next goal was to build a user base that would help MasonPay build and refine their product. Equipped with a modest marketing budget, Finovo needed to start small to build big. Through personalized messaging and one-on-one conversations, MasonPay targeted micro-influencers and the debt-free community on Instagram to get the word out about the app. This strategy paid off and an initial user base of engaged and active users was formed. A targeted advertising campaign on the App Store soon followed, leading to consistent user signups. This blended marketing approach led to MasonPay reaching over 5,000 users who were able to pay off over $5 million dollars of debt using the app.