2023 letter to our stakeholders

To our Stakeholders:

“A tree with many branches and few roots – shall be uprooted by strong winds. But a tree with few branches and deep roots – will always stay in place.”

Having the confidence to focus on the basics and doing the basics incredibly well is important. We continue to obsess over our customers, staying laser-focused on the core foundations our business was built upon: brand, experience, infrastructure, reliability and risk control.

By doing so we remained profitable, growing our annual payment volume by 38% to over $500mm. More importantly, we achieved additional milestones that will continue to drive our long-term value creation for years to come. Some of them include:

• Doubling our merchant funded promotions through Fluz Parties and other channel placements.
• Building over 30 new risk-based transaction monitoring rules.
• Launching of the new sidekick (account executive) program for leaders and SMB customers.
• Reducing our average app load time to less than 5 seconds.

No, these achievements will not be touted in a press release. Instead, they’ll be quietly working to further strengthen our business.

This year, we witnessed many of our well-funded and capable competitors become quickly uprooted. Their outdated strategy to “grow at all costs” simply could not withstand the drastic economic shift we experienced last year.

We evaluate success differently by focusing on the long-term needs of the customer. We will continue to make investments to reach our long-term goal of becoming a market leader rather than simply chasing short-term gains. We will be faced with many tough decisions, most of which will require us to be innovative and brave. Hopefully, some will turn out to be winners. We know not all will.

In 2022, we launched our Visa Virtual Card and this product outperformed our wildest expectations. After a hard-earned victory, it is tempting to rest on our laurels. But we didn’t. Instead, we doubled down and rigorously refined new skill sets required to support our Virtual Card business. I’ve witnessed countless team members reinvent their roles and tackle entirely new challenges.

We carefully examined every customer touchpoint and poured countless hours and resources to ensure every interaction was flawless. But there is still more to do. That is why I always remind my team to put themselves in our customer’s shoes and ask: How would I want to use this product? After all, if we do not deliver the best customer experience, someone else will.

Then there is our secret sauce: the Fluz community. This unique community makes us more than merely a mobile payments or rewards platform. We are building a money movement.

Our community has proven to be invaluable to the success of our business. They provide detailed insights which inspire us to test bold new ideas. Every day we learn from our Fluz community in real-time, and so we can quickly refine the product or build a better solution. We also view this community as a perfect reflection of our company mission: To help the world maximize their money.

While Fluz took many strides forward in the past year, we still face a long road ahead of us. This is just the beginning. We awake every day feeling excited about revolutionizing our category, eager to jump over the hurdles as they come. We are competing with talented & established competitors. There are no guarantees of success. It will continue to require large, ongoing investments to become the market leader. If we execute well, the scale of our impact will reach further than we can imagine.

I am fortunate to work with the amazing Fluz team all over the world. Every single one seems energized knowing they are building something exceptional. We’re proud of the unique business we’ve built. We embrace a no-nonsense approach to creating an incredible customer experience. We believe our initiatives in 2023 reflect it.

I would like to end by expressing my heartfelt appreciation to our customers, community leaders, vendors, team members, and stakeholders who have had the courage to stand by our side. Once again, I’ve attached a copy of our original 2018 letter and encourage you to read it. Given how much we have developed, it is notable that our core values still remain the same.

Thank you for the opportunity.