2025 letter to our stakeholders

To our Stakeholders:

I remember how excited we were in 2020 as we crossed our first $10 million in sales. It was easy to get excited at that point—we had grown something from zero to $10 million. 

Today, when a new business unit within Fluz passes a $10 million threshold, that represents less than one percent growth for the company. It would be easy for our leadership team not to pay attention. But they don’t. We watch the growth rates of the emerging businesses and post Slack messages to celebrate wins. That’s pretty cool, and we’re proud that it’s a part of our culture.

Planting seeds that could grow into material new business lines takes a bit of patience, a lot of resilience, and a nurturing culture. We already have some strong-rooted young business. Those wins set a high bar for any new business we would start. Before we invest our stakeholders’ time & money in a new opportunity, we must convince ourselves that the new business can grow to a scale where it can be impactful in the context of our overall company.

Additionally, we need to determine that the market demand is currently underserved and that we have the capabilities needed to deliver in a better way than what is out there. There are two businesses that are now beginning to grow. 

Fluz Business is a high-end reward spend & offering for business owners.  You get all the tools to control, budget and monitor your money while earning premium rewards on spend. It plugs into your existing bank accounts so you can get started right away. You never have to talk to us. It’s unique, can become big, and passes our returns bar.

Fluz Platform is a new initiative focused on a new customer set, software developers. We allow them to embed various money movement experiences while growing a network of channel partnerships to expand this offering. We’re targeting broad needs such as cards, wallets, pay-ins and payouts—areas in which developers have asked for help. We have deep expertise in this business from scaling Fluz over the last seven years. We’re well positioned to do it, it’s highly differentiated, and it can be a significant business over time.

In some companies, it might be challenging to grow new businesses from tiny seeds because of the endurance and nurturing required. I see Fluz’s culture as unusually supportive of new initiatives with big potential. I believe that’s a source of competitive advantage.

Like any company, our corporate culture is formed both by our intentions and our journey. For Fluz, our history is pretty recent and, fortunately, it includes several examples of tiny seeds growing into big trees. We have many people here who have been a part of multiple $10 million seeds turning into large scale businesses. That first-hand experience and the culture that was formed around those successes is, in my opinion, is a big part of why we are able to launch new businesses from the ground up. Our culture demands that these new businesses be big opportunities and that they be innovative and unique. It does not demand that they be large on their first day. 

The foundation of our approach remains these core values:

• We will continue to focus tirelessly on serving our customers.
• We will continue to measure what is working in order to cut those initiatives that do not, while doubling down our investment in those that do work. 
• We will make bold rather than timid investment decisions in new businesses where we see a good chance of becoming market leaders. Some of these initiatives will pay off, others will not.
• We will continue to make long-term investments looking for market leadership rather than short-term achievements..

We’ve come a long way since we celebrated our first $10 million in gift card sales. As we continue to grow, we’ll work to maintain a culture that embraces new opportunities. We will do so in a measured way, with an eye on returns, potential, and our ability to create something special our customers care about. We won’t always get it right, and we won’t always succeed. But we will continue to innovate, and we will work hard and patiently.

As always, I attach our 2018 letter to shareholders. You’ll see that our philosophy and approach have not changed.

Thank you for the opportunity.

Maurice Harary
Chief Executive Officier
Fluz