Previ Company Profile

Background

Previ, founded in 2021 and headquartered in Lehi, Utah, is a financial technology company dedicated to enhancing employee financial wellness by enabling direct deduction of personal expenses from paychecks, coupled with cash-back incentives. The company's mission is to help employees save more of their hard-earned paycheck, offering services that allow employees and their families to save over $1,200 annually on their cell phone bills at no cost to the employer.

Key Strategic Focus

Previ's strategic focus centers on providing a seamless platform that connects users seeking cash-back deals and simplified payment processes with partners aiming for cost-effective customer acquisition. The company assumes the financial risk by paying partners on behalf of users and plans to secure a debt line to fund these payments. In return, partners pay Previ a fixed fee, a portion of which is passed back to consumers as cash-back benefits.

Financials and Funding

In late 2021, Previ raised $6.5 million in an early-stage venture capital round co-led by Ashton Kutcher's Sound Ventures and other notable investors, including the co-founders of Qualtrics and Divvy. The company has also received investments from Jared Rodman, co-founder of Weave; Tyler Hogge, SVP of Product at Divvy; Bryce Roberts, Managing Director of OATV; and Derek Andersen, founder of Startup Grind and Bevy.

Technological Platform and Innovation

Previ's platform integrates with payroll systems to facilitate direct deductions for personal expenses, offering cash-back incentives without interest rates, annual fees, or late fees. The company has developed an AI-powered system that analyzes employees' current wireless bills and insurance policies, presenting exclusive, employee-only pricing and automating the switching process to ensure a seamless transition to savings.

Leadership Team

Brandon Rodman: Co-founder and CEO, previously founded customer communications platform Weave.

Gabriel Gunderson: Co-founder.

Jefferson Lyman: Chief Operating Officer.

Competitor Profile

Market Insights and Dynamics

The financial technology sector, particularly in payroll-integrated services, is experiencing significant growth. Companies are increasingly seeking innovative solutions to enhance employee financial wellness and streamline payment processes.

Competitor Analysis

Previ faces competition from various fintech companies offering similar services:

Clair: Provides free earned-wage advances by integrating into HR systems.

Pinwheel: An API platform for payroll, facilitating direct deposit switching and other payroll-related services.

Strategic Collaborations and Partnerships

Previ has established partnerships with over 350 leading employers, including Johnson & Johnson, Qualtrics, Workday, Pepsi, Utah Jazz, Sunrun, Warby Parker, and GameStop, collectively benefiting more than 900,000 employees nationwide.

Operational Insights

Previ's direct integration with payroll systems and its AI-driven approach to analyzing and optimizing personal expenses provide a distinct competitive advantage. By offering cash-back incentives without traditional fees, the company differentiates itself from conventional credit card offerings.

Strategic Opportunities and Future Directions

Previ aims to expand its services beyond wireless bills and insurance policies to include other recurring expenses, further enhancing employee financial wellness. The company plans to leverage its AI capabilities to identify additional savings opportunities and streamline the switching process for various services.