2024 letter to our stakeholders

To our Stakeholders:

Amid all the excitement of 2024, it’s easy to overlook that this was also an Olympic year. The relay race, the game’s most iconic event, has long been a U.S. strength, winning gold or silver medals since the event was started. Beginning 2004, that streak ended—not because the US runners were slower than the others, but they failed to properly pass the baton. This breakdown is more than a technical issue; it symbolizes a lack of unity, where runners could not work together as a team.

In 2024, our transaction volume grew four-fold. This success stemmed from the network of partners working in harmony. From the Fluz employees, vendors, bank partners, and the vibrant community, we all achieved so much together, trusting one another to gracefully move the baton forward. The race does not go to the fastest runner; it goes to the strongest team.

Fluz is bigger than what our employees can achieve alone. Our community is how Fluz wins, enabling us to punch above our weight class. It is our most valuable asset. We are committed to it, and it is committed to us.

Countless business improvements have come from the Fluz community. They are in the world using our product daily. If something goes wrong, within minutes I receive texts, emails, and direct messages from passionate members alerting me to take action. It’s our job to listen to them. They treat it as if it’s their own, acting with a sense of long-term ownership. Their unrelenting dedication is a testament to the fact that we are building something bigger than ourselves.

This year our Fluz Family grew from 98 to 131. We do not use round numbers when discussing our team. Each individual is highly valued. I personally tell all new members that in one year from now, you will look back at who you were when you joined Fluz and hardly recognize that version of yourself. You will accomplish far more than you believed you were ever capable of. It happens every time. How?

As new members join, they are met with a culture of high standards at every touchpoint of our company. The new people absorb those same high standards and then pass them on to the ones who come after them. The commitment to high standards remains the single most critical factor of our success.

One thing I love about customers is that they are wonderfully discontent. Their expectations are never static; they always rise. It’s human nature. Humanity did not make it this far by being satisfied. People have an insatiable appetite for something better. I see this cycle now moving faster than ever before. Today, customers have unprecedented access to information. In just a few taps, they can discover new products, compare offerings down to every detail, and replace you entirely—all within minutes. You cannot rest on your laurels in this world. Customers won’t allow it.

Over the past 6 years, we’ve had some successes in our pursuit to meet these high expectations of customers. We’ve also had millions of dollars’ worth of failures along the way.

We began with cashback at 400 national merchants using store gift cards. That line of business performed exceptionally well. Building on that success, we introduced the Visa One-Time Card product, which expanded rewards opportunities to more stores and was also met with great enthusiasm. Continuing to innovate, we developed the Fluz Virtual Card, enabling customers to earn rewards on everyday spending. That helped deliver this year’s staggering results. We continue to push forward; we continue to do more. Some of this year’s milestones include:

• Expanded the Virtual Card to in-store transactions via Apple/Google Pay.
• Developed the first iteration of our Bill Pay solution.
• Launched Fluz for Developers, beginning to embed Fluz in other applications.
• Streamlined Fluz for Business, now supporting over 6,000 businesses.
• Built an inside sales team while expanding support systems and sidekick team.
• In spite of industry headwinds, we launched partnerships with multiple sponsor banks for broader services and enhanced reliability.

Each new product and service makes us more relevant to a wider group of customers and increases the frequency with which they interact with Fluz. Expanding our offering creates a virtuous cycle: the more habitually customers use Fluz, the less effort and marketing investment it takes to bring them back again. In sight, in mind.

Despite all the growth over the past six years, this is still the beginning for Fluz and for fintech as a whole. Many customers are just forming their first relationships. We must grow the number of customers we impact, the products they consume from us, the frequency they use with those products, and the delight they get when interacting with Fluz. We plan to invest aggressively in building the foundation for a multi-billion-dollar revenue company, serving millions of customers with operational excellence. While forward investment carries risks, it will ultimately deliver the best experience for customers and create the most long-term value for our stakeholders.

2025 will be another year of focus and execution. While there are no guarantees of success, we have a plan, and every Fluz team member is committed to achieving our goals. I look forward to sharing our progress. As always, I’ve appended our 2018 letter to stakeholders. It becomes more interesting each year, in part because so little has changed.

We remain grateful to our customers for their business and trust, to our community for joining us on this journey, to each other for hard work, and to our stakeholders for their support.

Thank you for the opportunity.