Fizz Company Market Research Report

Company Overview

• Name: ShoulderTap Technologies, Inc. d/b/a Fizz

• Mission: Fizz aims to be the financial ally for young adults, helping them build credit and manage money effectively.

• Founded: Fizz was founded by Carlo Kobe and Scott Smith. Carlo identified the need for credit building among students after his rejection for a phone plan due to lack of credit history when he moved to the U.S. for his studies.

• Key People:

• Carlo Kobe: Co-founder

• Scott Smith: Co-founder

• Headquarters: 450 Broadway, Level 2, New York, NY 10013

• Number of Employees: No information is available.

• Revenue: No information is available.

• Key Offerings: Known for creating the Fizz Card, a debit card that helps students build credit and manage their finances without traditional credit card pitfalls.

Products

Fizz Card

• Description: A debit card designed to help students build credit and manage their finances without incurring debt.

• Key Features:

• Credit Building: Fizz reports payment history to credit bureaus to help users build credit scores.

• Cash Back and Rewards: Offers 3% cash back in chosen spending categories, surprise rewards, and flash deals.

• Daily Autopay: Automates payments to prevent debt accumulation.

• Smart Spend Limits: Guides users to manage spending limits effectively.

• No Hidden Fees or Interest

Fizz Membership

• High-level Description: An enhanced package for additional benefits and features.

• Key Features:

• Financial Alerts and Budgeting Tools: Real-time spending and budget tracking.

• Financial Literacy Resources: Access to games and quizzes to improve financial knowledge.

Recent Developments

• New Product Launches: The Fizz Card officially launched on January 12, 2023, providing innovative credit building to students.

• Recent Achievements:

• Fizz recently secured $14.4 million in seed funding to expand its operations and offerings (June 7, 2024).

• Recognized as the top card for students by Business Insider in 2023.

• New Features or Enhancements:

• Introduction of new rewards features for Fizz Card, including 3% cash back and surprise monthly rewards.

• Enhanced app features like spending and budgeting tools, credit score monitoring, and educational resources.

• Partnerships: Fizz cards are issued through partnerships with Patriot Bank, N.A., and loans associated with these cards are managed by Lead Bank.

Strategic Initiatives

• Mission: To empower the next generation with the tools and knowledge to manage their financial future effectively.

• Vision: Making financial adulting accessible and manageable for students, thus contributing to reducing the average credit card debt among college graduates.

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Fizz continues to expand its market outreach by focusing on college students and their unique financial challenges. It also capitalizes on partnerships and strategic funding rounds to enhance its service offerings and technological capabilities.